An account is a record in an accounting system that tracks the financial activities of a specific asset, liability, equity, revenue, or expense. These records increase and decrease as business events occur throughout the accounting period. Each individual account is stored in the general ledger and used to prepare the financial statements at the end of an accounting period. In accounting, every transaction affects two or more accounts. For example, a cash sale will increase the Cash account and will increase the Sales account.
Apart from accounting, the term "account" can also refer to a detailed record of all the money that a business or a person receives and spends. It can also mean a written or spoken description or record of an event.
