B Com Exam > B Com Questions > whats is account Related: Basic Accounting C...
Start Learning for Free
whats is account
Verified Answer
whats is account Related: Basic Accounting Concepts and Conventions -...
One definition of an account is a record in the general ledger that is used to collect and store debit and credit amounts. For example, a company will have a Cash account in which every transaction involving cash is recorded. If the company sells merchandise for cash, the Cash account will be debited and the Sales account will be credited.
Another definition of an account is a record of a customer relationship. For example, if a company sells merchandise to a customer on credit, there seller will have an account receivable and the purchaser will have an account payable.
The term on account means not for cash. For example, if a company purchases merchandise with the terms net 30 days, it means the company has 30 days in which to pay.
This question is part of UPSC exam. View all B Com courses
Most Upvoted Answer
whats is account Related: Basic Accounting Concepts and Conventions -...
One definition of an account is a record in the general ledger that is used to collect and store debit and credit amounts. For example, a company will have a Cash account in which every transaction involving cash is recorded. If the company sells merchandise for cash, the Cash account will be debited and the Sales account will be credited.
|
|
Explore Courses for B Com exam
|
|
Similar B Com Doubts
whats is account Related: Basic Accounting Concepts and Conventions - Accountancy and Financial Management
Question Description
whats is account Related: Basic Accounting Concepts and Conventions - Accountancy and Financial Management for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about whats is account Related: Basic Accounting Concepts and Conventions - Accountancy and Financial Management covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for whats is account Related: Basic Accounting Concepts and Conventions - Accountancy and Financial Management.
whats is account Related: Basic Accounting Concepts and Conventions - Accountancy and Financial Management for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about whats is account Related: Basic Accounting Concepts and Conventions - Accountancy and Financial Management covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for whats is account Related: Basic Accounting Concepts and Conventions - Accountancy and Financial Management.
Solutions for whats is account Related: Basic Accounting Concepts and Conventions - Accountancy and Financial Management in English & in Hindi are available as part of our courses for B Com.
Download more important topics, notes, lectures and mock test series for B Com Exam by signing up for free.
Here you can find the meaning of whats is account Related: Basic Accounting Concepts and Conventions - Accountancy and Financial Management defined & explained in the simplest way possible. Besides giving the explanation of
whats is account Related: Basic Accounting Concepts and Conventions - Accountancy and Financial Management, a detailed solution for whats is account Related: Basic Accounting Concepts and Conventions - Accountancy and Financial Management has been provided alongside types of whats is account Related: Basic Accounting Concepts and Conventions - Accountancy and Financial Management theory, EduRev gives you an
ample number of questions to practice whats is account Related: Basic Accounting Concepts and Conventions - Accountancy and Financial Management tests, examples and also practice B Com tests.
|
|
Explore Courses for B Com exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup