Definition
An account statement is a summary of financial transactions that have occurred over a given period on a specific account. It is a record of all the debits and credits that have been applied to the account, including payments, purchases, fees, and interest.
Importance
Account statements are important for tracking and managing finances. They provide a detailed record of all transactions that have occurred on an account, allowing individuals to easily monitor their spending and ensure that all payments have been made. Account statements also provide a way to identify any fraudulent activity that may have occurred on the account.
Example
For example, a bank account statement will show all deposits, withdrawals, and transfers that have occurred over a given period. It will also show any fees or interest that have been charged to the account.
Table
- Debits Credits
- Deposits Withdrawals
- Transfers Fees
- Interest
Key Takeaways
- An account statement is a summary of financial transactions that have occurred over a given period on a specific account.
- Account statements are important for tracking and managing finances.
- Account statements provide a detailed record of all transactions that have occurred on an account.
- Account statements can help identify any fraudulent activity that may have occurred on the account.
Conclusion
Account statements are an essential tool for managing finances. They provide a detailed record of all transactions that have occurred on an account, allowing individuals to easily monitor their spending and ensure that all payments have been made. Account statements also provide a way to identify any fraudulent activity that may have occurred on the account.
