What is accounts..what is journal..what is ledger... what is balance sheet

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Accepted Answer

Accounts refer to financial records of a business. Journal is where transactions are initially recorded. Ledger is a collection of accounts. Balance sheet shows assets, liabilities, and equity.

Accounts are financial records that track the financial activities of a business.
Journal is where transactions are initially recorded before being transferred to the ledger.
Ledger is a collection of accounts that shows the financial position of a business.
Balance sheet is a financial statement that shows the assets, liabilities, and equity of a business at a specific point in time.

What is accounts..what is journal..what is ledger... what is balance sheet

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