A temporary account, also known as a nominal account or an income statement account, refers to a type of account in accounting that is used to track revenues, expenses, gains, and losses for a specific accounting period. Unlike permanent accounts, which are continuously maintained and carry over...
Ch 21. Risk Management in Business Ch 22. Accounting Basics Ch 23. Money and Financial Institutions Ch 24. Financial Management in Business Ch 25. Securities Markets and Business Ch 26. Studying for Business 100What Is a Current Account? - Definition & Examples Related Study Materials Browse ...
A current account is a type of bank account that allows for frequent and immediate access to money, as well as the ability to store and transfer funds. Many current accounts offer debit cards that can be used for purchases, as well as direct debits and standing orders for regular payments....
Accrual accounting is the recording of a financial transaction by a firm at the time a sale takes place, not when the money reaches the bank account. Learn more.
When you open a savings account, you deposit your money into the account, and the bank pays you interest on the balance. The interest rate is typically higher compared to a current account because the funds in a savings account are not meant to be accessed frequently. Instead, they are int...
You'll need to complete a specific amount of continuing professional education (CPE) hours to maintain your license or other accounting designation. So, what is CPE? And how much will you need? And what kind of classes can you take? We know you have questions, so let's look deeper at...
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Definition of Account In accounting, an account is a record in thegeneral ledgerthat is used to sort and store transactions. For example, companies will have a Cash account in which to record every transaction that increases or decreases the company’s cash. Another account, Sales, will collect...
period, such as a quarter or a year. It includes both the current account and the capital account. In theory, the sum of all transactions recorded in the balance of payments should be zero; however, exchange rate fluctuations and differences in accounting practices may prevent this in practice...
Accrual Basis of Accounting When the consulting company provided the service, it would enter a debit of $5,000 in accounts receivable (debits increase an asset account) and a credit of $5,000 in the service revenues account (credits increase a revenue account). When the payment is made on...