Economics is a complex science whose knowledge is essential in everyday life, because without realizing it we use many tools of this discipline when we shop, when we go to a restaurant to eat, when we receive our salary, among other things. The economy is based primarily on numbers and accounts. If we analyze the concept of account, we will see that it is the fundamental element of any accounting and payment service. All economic facts are summarized in the account.
In the accounts, then, all the commercial transactions that take place in a company, for example, will be classified, to be able to translate them in an orderly manner in the corresponding accounting book and also to have a final measure of the assets, rights and obligations of the companies. that is available or will be available on a specific date.
Each element that makes up someone's heritage will be represented graphically with the letter T and will be placed at the top, since both the right and the left will be occupied, as we will explain below. This mode of entry was adopted in Renaissance Italy, which is where accounting as such arose in definitive accounts.
In the left margin, also known as the debit column, the origins of the resources will be indicated and, on the right or credit, the applications of the resources are listed, this is when the company makes a purchase x, requests a loan or acquires the obligation to pay something, for example, will be placed on the right side.
An account is a calculation or an arithmetic or mathematical operation, that is, all those exercises that require the use of numbers. If we think about an operation, keeping a record of the accounts is essential, since it depends on our company being in order and under control, especially since they are talking about money and a poorly managed account can generate losses in income. In the accounts, the transactions carried out in the operation in question will be classified in a total way, that is, an exhaustive control of the entry and exit of money must be carried out.
If we look for another meaning for the word account, it is also necessary to refer to bank accounts within a financial institution. These accounts can be current or denominated savings accounts, where users have at their disposal the money they have deposited in their account. To obtain a bank account it is necessary to meet certain requirements that the bank will establish, and this will depend on each bank. The bank will establish both the conditions of use of the account and the possible additional services and administration expenses, either maintenance or taxes on monetary transactions or use of credit cards. The same will happen with the renewal of the account that generally has an additional cost.
