23. Account:
The term 'account' or its abbreviation A/C or an a/c refers to a summarised record of all the transactions relating to particular person, thing (i.e., an asset) or a service (i.e., an expense or an income) which have taken place during a given period of time. In other words, an account or a ledger account is a summary statement of all the transactions relating to a particular person, an asset, an expense or an income which have taken place during a given period of time, showing their net effect.
24. Books of Accounts:
Books of Accounts refer to suitably ruled account books in which business transactions are recorded.
There are two types of books of accounts maintained by a business concern. They are:
(1) Journal or subsidiary books and
(2) Ledger
25. Journal:
A journal is a daily record of business transactions. It is a book of original, prime or first entry in which all the business transactions are first entered in the specified manner in the order of dates. It is maintained under the theoretical system of book-keeping.
26. Subsidiary Books:
Subsidiary books are sub-divisions of the journal, or special journals where business transactions are first recorded. They are also books of original, prime or first entry. They are maintained under the practical or modern system of book-keeping.
The term 'account' or its abbreviation A/C or an a/c refers to a summarised record of all the transactions relating to particular person, thing (i.e., an asset) or a service (i.e., an expense or an income) which have taken place during a given period of time. In other words, an account or a ledger account is a summary statement of all the transactions relating to a particular person, an asset, an expense or an income which have taken place during a given period of time, showing their net effect.
24. Books of Accounts:
Books of Accounts refer to suitably ruled account books in which business transactions are recorded.
There are two types of books of accounts maintained by a business concern. They are:
(1) Journal or subsidiary books and
(2) Ledger
25. Journal:
A journal is a daily record of business transactions. It is a book of original, prime or first entry in which all the business transactions are first entered in the specified manner in the order of dates. It is maintained under the theoretical system of book-keeping.
26. Subsidiary Books:
Subsidiary books are sub-divisions of the journal, or special journals where business transactions are first recorded. They are also books of original, prime or first entry. They are maintained under the practical or modern system of book-keeping.
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