what is mean by account

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what is mean by account..

Answer / guest

it is an evaluating the Business

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what is mean by account..

Answer / touqeer hassan

A record or statement of financial expenditure and receipts relating to a particular period or purpose.

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I am a Leaving Cert Student. From Solutions to exam questions etc. I know what to do with the following adjustment but I cannot explain why. A thypical Adjustment is: A building is acquired for €60000 plus VAT at 10%. The amount paid to the Vendor was entered in the Buildings Account. No entry made in the VAT account. Could you explain why the VAT amount is deducted from the VAT amount in the TB? And why it is sometimes an Asset in the BS. Thank you, Mary

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