A record that summarizes all the transactions pertaining to a single item in the accounting equation is called an account.
The account is given a name and which is an account's title. One of the asset accounts is titled cash. The cash account is used to summarize all the transactions about the amount of money the business has available.
In accounting, an account is a record which tracks the financial activities of a specific equity, asset, liability, revenue, or expense. Throughout the accounting period, these records increase and decrease as the business events occur.
Hence, an account is a summarized record of transactions relating to a particular person, asset, liability, or particular head of expense.
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