Question

Detailed information about the financial statement elements is maintained in records commonly called?

Answer 1

Detailed information about the financial statement elements is maintained in records commonly called "Accounts'

An account in accounting is a general ledger entry that is used to categorize and record transactions. For example, businesses will have a Cash account where they may record each transaction that raises or reduces the amount of cash they have on hand.

Three different accounts exist.

1. Real account: It links assets and obligations; it excludes accounts for specific individuals. They continue every year.
2. Personal accounts link the accounts of people,
3. Businesses, and organizations. All accounts for income, spending, losses and profits are related by a nominal account.

To learn more about financial statements

brainly.com/question/26243955

#SPJ4