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An account (in book-keeping) refers to assets, liabilities, income, expenses, and equity, as represented by individual ledger pages, to which changes in value are chronologically recorded with debit and credit entries. These entries, referred to as postings, become part of a book of final entry or ledger. Examples of common financial accounts are sales, accounts receivable, mortgages, loans, PP&E, common stock, sales, services, wages, and payroll.

A chart of accounts provides a listing of all financial accounts used by particular business, organization, or government agency.

The system of recording, verifying, and reporting such information is called accounting. Practitioners of accounting are called accountants

“Accounting is as old as money itself”. Since in early ages
commercial activities were based on barter system, record keeping
was not a necessity. The Industrial Revolution of 19th century along
with rapid rise in population, paved way for the development of
commercial activities, mass production and credit terms. Thus
recording of business transaction has become an important feature. In
recent years with the change of technologies and marketing along
with stiff competition, accounting system has undergone remarkable
changes.
Need and Importance of Accounting
When a person starts a business, whether large or small, his
main aim is to earn profit. He receives money from certain sources
like sale of goods, interest on bank deposits etc. He has to spend
money on certain items like purchase of goods, salary, rent, etc.
These activities take place during the normal course of his business.
He would naturally be anxious at the year end, to know the progress
of his business. Business transactions are numerous, that it is not
possible to recall his memory as to how the money had been earned
and spent. At the same time, if he had noted down his incomes and
expenditures, he can readily get the required information. Hence, the
details of the business transactions have to be recorded in a clear and
systematic manner to get answers easily and accurately for the
following questions at any time he likes.
i. What has happened to his investment?
ii. What is the result of the business transactions?
iii. What are the earnings and expenses?
iv. How much amount is receivable from customers to whom
goods have been sold on credit?
v. How much amount is payable to suppliers on account of
credit purchases?
vi. What are the nature and value of assets possessed by the
business concern?
vii. What are the nature and value of liabilities of the business
concern?
These and several other questions are answered with the help
of accounting. The need for recording business transactions in a clear
and systematic manner is the basis which gives rise to Book-keeping
Book-keeping
Book-keeping is that branch of knowledge which tells us how
to keep a record of business transactions. It is often routine and
clerical in nature. It is important to note that only those transactions
related to business which can be expressed in terms of money are
recorded. The activities of book-keeping include recording in the
journal, posting to the ledger and balancing of accounts.