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What are the uses of accounts?

Caroline Campbell

in Student Loans

1 answer

1 answer

Brandon Scott on February 25, 2019

An account is a means of accumulating in one place all information about changes in specific financial statement items, such as a particular asset or liability. for example the cash account provides a company's current cash balance, a record of its cash reciepts, and a record of its cash disbursements. in its simplest form an account has only three elements. 1. a heading 2. on the left side which is called the debth side 3. on the right side, which is called the credit side. this form of an account illustrated below and on the following page, is called a T account because of its resemblance to the letter "T" in a computerized system, of course ,the elements of each account are stored and formatted electronically. more complete form of accounts will be illustrated later. By khan Cell # 0322-9013431

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