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Account (accountancy)

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Account (accountancy)
Accounting is a systematic way to record transactions. An account (in bookkeeping) refers to assetsliabilitiesincomeexpenses, 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. Examples of common financial accounts are cashaccounts receivablemortgagesloansPP&Ecommon stocksalesserviceswages, and payroll.

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