The basic summary device of accounting is the account, the detailed record of the changes that have occurred in a particular asset, liability, or item of owner's equity during a period of time. For convenient access to the information, accounts are grouped together in a record called the ledger.
The basic summary device of accounting is the account, the detailed record of the changes that have occurred in a particular asset, liability, or item of owner's equity during a period of time. For convenient access to the information, accounts are grouped together in a record called the ledger.
