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) {{otheruses}} 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]] [[de:Konto]] [[fr:compte]] [[nl:Grootboekrekening]] [[pl:Konto]] [[pt:Contas contábeis]] [[ro:Cont_contabil]] [[zh:會計科目]] [[simple:Account]] [[es:Cuenta]] [[sv:Konto]] [[ru:Бухгалтерский счёт]]