what do you mean by account

1.	what do you mean by account
Answer» Account is a record under a particular head which not only shows the transaction also shows the effect of debit and credit.Hope you understand ?<br>Accounting can be defined as a process of reporting, recording, interpreting and summarizing economic data. The introduction of accounting helps the decision-makers of a company to make effective choices, by providing information on the financial status of the business. Today, accounting is used by everyone and a good understanding of it is beneficial to all. Accountancy act as a language of finance. To understand accounting efficiently, it is important to understand the aspects of accounting.\tEconomic Events-\xa0It is a consequence of a company has to undergo when the number of monetary transactions is involved. Such as purchasing new machinery, transportation, machine installation on-site, etc.\tIdentification, Measurement, Recording, and Communication-\xa0The accounting system should be outlined in such a way that the right data is identified, measured, recorded and communicated to the right individual and at the right time.\tOrganization-In refers to the size of activities and level of a business operation.\tInterested Users of Information-\xa0It is about communicating important financial information to the customers, according to which they will make the correct decision.

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