An account is a record of increases and decreases in a specific asset, liability, equity, revenue, or expense item.

Name: An account is a record of increases and decreases in a specific asset, liability, equity, revenue, or expense item.
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An account is a record that tracks the changes in a specific type of financial element, such as an asset, liability, equity, revenue, or expense. These changes are recorded as debits and credits, which increase or decrease the balance of the account.

An Account Is a Record of Increases and Decreases in a Specific