Difference between Accounts and Vouchers.



0
Describe each of the following with their types :-
1. Accounts, &
2.Vouchers.
Also distinguishes between them.

1 Answer(s)


0

Accounts are a record of transactions classified separately according to the nature of transactions. Accounts can be of 3 types :
1) Real (relating to properties and assets)
2) Nominal (relating to income/expenses)
3) Personal (relating to persons/organsations e.g. debtors, owner, suppliers etc)

Vouchers are the documents that support a transaction and contain details of that transaction.

So vouchers are the basis of entering transactions in the different accounts.