Hello aspirant,

account is an arrangement by which an organisation, basically financial institutions like credit unions or banks accept a customer's financial assets and holds them on behalf of the customers at his/her discretion. There are three types of bank accounts-

• Centralized accounts
• Branch accounts
• Local bank accounts

Hope, this information helps you.

Hi.

Account has various definitions based on the context.

Such as:

• a record of debit and credit entries to cover transactions involving a particular item or a particular person or concern
• a statement of transactions during a fiscal period and the resulting balance

OR

• a statement explaining one's conduct

OR

• a formal business arrangement providing for regular dealings or services (such as banking, advertising, or store credit) and involving the establishment and maintenance of an account

OR

• a description of facts, conditions, or events

I hope this answers your query.

Good Luck