Final answer:
An account is a record of increases and decreases in a specific asset, liability, or owner's equity items. There are three types of accounts: journal, ledger, and posting.
Step-by-step explanation:
An account is a record of increases and decreases in a specific asset, liability, or owner's equity items. It helps to keep track of the financial transactions of a business.
In accounting, there are three types of accounts: journal, ledger, and posting. A journal is a chronological record of all the financial transactions, while a ledger is a book of accounts that provides a detailed account balance for each item. Posting involves transferring information from the journal to the ledger.