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An account is a summarized record of individual transactions. Each account has its own ending balance. For example, the cash account is increased by debits and decrease by credits. The account has an ending balance at the end of the period which is reported on the financial statements.
Definition. A financial or accounting summary sums up a companys financial activity for a specific period of time. . Summarizing business transactions can help a company make future plans regarding growth, sales and profit by looking back at what was achieved previously.
Transaction summary report provides a list of opening balance, credit details, opening balance and closing balance.
In accounting, a transaction is any monetary business event that impacts a businesss financial statements. Because transactions include any event that has a monetary impact on your financial records, there are a lot of items that are transactions.
These transactions are summarized in the preparation of financial statementsincluding the balance sheet, income statement, and cash flow statementthat record a companys operating performance over a specified period.
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In accounting, a transaction is recorded by using double-entry bookkeeping. Each transaction is entered as both a debit and a credit in corresponding accounts to keep the accounting equation balanced. These entries are first documented in a journal and then posted to the general ledger.

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