Entry 1 of 2 1 a : a record of debit see debit entry 2 sense 1a and credit see credit entry 1 sense 2d entries to cover transactions involving a particular item or a particular person or concern b : a statement of transactions during a fiscal period and the resulting balance c archaic : reckoning , computation 2 a : a statement explaining one's conduct She was asked to give an account of her actions. We opened new accounts at a bank last week. I took out my money and closed my account. Every week, she puts a part of her paycheck into a separate account. Nobles Iii, baltimoresun. Now, businesses could get a huge tax cut. Send us feedback.
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According to the double entry system of bookkeeping, there are three types of accounts that help you to maintain an error-free record of your journal entries. Each account type has a rule to identify its debit and credit aspect called as the Golden Rule of Accounting. The accounts are:. Ledger accounts that contain transactions related to individuals or other organizations with whom your business has direct transactions are known as personal accounts. Some examples of personal accounts are customers, vendors, salary accounts of employees, drawings and capital accounts of owners, etc.
Bank of Baroda offers different type of accounts to choose from. Do banking better with different types of bank accounts for different categories of corporate, individuals and banking transactions. Saving accounts give you the liberty to choose according to your needs and additionally give you benefits for your all your transactions.
On account can refer to purchases on account, but here are also other ways to use this notation. When a customer or business makes a purchase on credit, a general ledger account known as accounts payable is created or increased. Accounts payable refers to the short-term debt that a company owes another entity during the course of conducting business operations. As the company purchases more goods on credit, this account will increase. The account will decrease as the company pays off its outstanding bills. The outstanding balance remains until cash is paid, in full, to the entity owed. Payments made on account decrease accounts payable as a credit entry to the account. Most lenders will accept payments on account. All installment payments of any kind, including mortgage payments, could be considered payments on account.