Management Glossary

  Search Results: account
A "bucket" on the income statement or balance sheet used to keep track of the value of assets, liabilities, revenues and expenses. Typically an account exists for every class of asset (e.g. buildings, equipment, investements, etc.), liability (e.g. accounts payable, loans payable, etc.), revenue (sales, interest, etc.) and expense (general office expenses, legal fees, accounting fees, etc.) as well as for shareholders' equity. Accounts are normally kept in a common currency, usually the currency of the country in which the business is resident.
Contributed by: ManagerWise Staff
See: asset, revenue, liability, expense, income statement, balance sheet

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