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What is mean by account answer?
An account is a summarised record of the relevant transactions relating to a particular head. It records not only the amount of transactions, but also their effects and directions. For example, a cash account will show all of cash received and paid.
What is the full meaning of account?
Definition. Options. Rating. ACCOUNT. Always Consider Cheating On Unexpected Nasty Tests.
What is account mean in accounting?
In bookkeeping, an account refers to assets, liabilities, income, expenses, and equity, as represented by individual ledger pages, to which changes in value are chronologically recorded with debit and credit entries. These entries, referred to as postings, become part of a book of final entry or ledger.
What is an account class 11?
Accounting can be defined as a process of reporting, recording, interpreting and summarising 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. Accountancy act as a language of finance.
What is account and its types?
There are 3 types of accounts. Real account − It relates assets and liabilities; it does not include people accounts. They carry forword every year. Personal account − Connects individuals, firms and associations accounts. Nominal account − Relates all income, expenses, losses and gains accounts.
What does account mean in a question?
Account for Give reasons for; explain (note: give an account of; describe). Analyse Break the information into constituent parts; examine the relationship between the parts; question the information.
What is account and type of account?
According to the double entry system of bookkeeping, there are three types of accounts that help you to maintain an error-free record of your journal entries. Each account type has a rule to identify its debit and credit aspect called as the Golden Rule of Accounting. Personal Accounts. Real Accounts. Nominal Accounts.
Is accounts easy in class 12?
Students find accountancy to be the toughest among all other core papers of CBSE class 12 commerce exam. So, it becomes all the more difficult for the students to grasp the business concepts and jargons and score well in their 12th standard board exams which are not too far away.
Is accounts easy in class 11?
Getting a stronghold of Class 11 Accountancy may not seem easy to a lot of students as students at this age tend to procrastinate a lot when it comes to studying and revising, But students need to be very disciplined if they want to score well in the final examination. And, you will have to put in hard work.