Account
1044947
215059142
2008-05-26T14:55:26Z
ClueBot
4928500
Reverting possible vandalism by [[Special:Contributions/79.133.29.215|79.133.29.215]] to version by Rror. False positive? [[User:ClueBot/FalsePositives|Report it]]. Thanks, [[User:ClueBot]]. (394801) (Bot)
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In [[accountancy]], an '''account''' is a label used for recording and reporting a [[quantity]] of almost anything. Most often it is a record of an amount of [[money]] owned or owed by or to a particular person or entity, or allocated to a particular purpose. It may represent amounts of money that have actually changed hands, or it may represent an estimate of the values of assets, or it may be a combination of these.
==Types of accounts==
# '''[[Asset]] accounts''': represent the different types of economic resources owned by a business, common examples of Asset accounts are cash, cash in bank, building, inventory, prepaid rent, goodwill, accounts receivable.
# '''[[Liability]] accounts''': represent the different types of economic obligations by a business, such as accounts payable, bank loan, bonds payable, accrued interest.
# '''[[ownership equity|Equity]] accounts''': represent the residual equity of a business (after deducting from Assets all the liabilities) including Retained Earnings and Appropriations.
# '''[[Revenue]] or [[Income]] accounts''': represent the company's gross earnings and common examples include Sales, Service revenue and Interest Income.
# '''[[Expense]] accounts''': represent the company's expenditures to enable itself to operate. Common examples are electricity and water, rentals, depreciation, doubtful accounts, interest, insurance.
# '''[[Contra-accounts]]''': from the term contra, meaning to deduct, the value of which are opposite the 5 above mentioned types of accounts. For instance, a contra-asset account is Accumulated [[depreciation]]. This label represent deductions to a relatively permanent asset like Building.
Account represents financial and non-financial transactions of a firm, to know the total outcome of the investment made by investors.
==See also==
* [[Bookkeeping]]
* [[Chart of accounts]]
* [[Double-entry accounting system]]
[[Category:Generally Accepted Accounting Principles]]
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[[pt:Contas contábeis]]
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[[zh:會計科目]]
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[[ru:Бухгалтерский счёт]]