Asked by Maryam Ahsan on Apr 27, 2024

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Accounts are records of increases and decreases in individual accounting equation elements.

Accounting Equation

The fundamental equation of double-entry bookkeeping: Assets = Liabilities + Equity, representing the financial position of a company.

  • Determine the components and structure of accounts in a ledger.
  • Comprehend the structure and components of an account.
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DR
Daniela RodriguezMay 01, 2024
Final Answer :
True
Explanation :
Accounts are used to record the changes in individual elements of the accounting equation such as assets, liabilities, and equity. Each transaction is recorded in at least two accounts, with one account debited and the other account credited. This is known as double-entry accounting.