Accounts are records of increases and decreases in individual financial statement items.

Financial Statement

A summary report that quantitatively describes the financial health of a company, including balance sheets, income statements, and cash flow statements.

Accounts

Records that summarize financial transactions pertaining to a business entity’s assets, liabilities, equity, revenues, and expenses.

Increases and Decreases

Terms used to describe the upward and downward movements in financial and non-financial metrics within business operations.