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Accounts (Financial Accounting) - Explained

What is an Account?

Written by Jason Gordon

Updated at April 7th, 2022

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Table of Contents

What are Accounts in Financial Accounting? What is a General Ledger?

What are Accounts in Financial Accounting? 

An account is a record of the balance, increases, and decreases in specific assets, liability, equities, revenues, and expenses.


 

Back to: Accounting & Taxation

What is a General Ledger?

A general ledger is a record of all the accounts used by the company. A list of all ledger accounts of the company can be found in what's called the "chart of accounts",

Companies have specific names for their accounts. The General Ledger allows you to maintain consistency and always use the same account name account. A company may have a different list of accounts based on whatever they're selling or what their business operations are. 

All of the accounts have numbers, which is for cataloging purposes. 

Related Topics

  • What is an Account? – Financial Accounting
  • What is a T-Account? – Financial Accounting
  • T-Account Rules – Financial Accounting
  • What is Double-Entry Accounting – Financial Accounting
  • Accounting Journal
  • What are Journal Entries – Financial Accounting
  • What is a Trial Balance? – Financial Accounting
account chart of accounts

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