KEPT ACCOUNT Meaning and
Definition
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Kept account refers to the activity of maintaining a record or a log of financial transactions and activities, typically involving the tracking of income, expenses, assets, and liabilities. It involves the systematic recording and organizing of financial information in order to monitor and evaluate the financial health and performance of an individual, business, or organization.
In a personal context, individuals may keep accounts to manage their personal finances, such as tracking monthly income, budgeting expenses, and recording savings and investments. This helps individuals to have a clear overview of their financial situation, make informed decisions, and plan for future financial goals.
In a business context, keeping accounts is crucial for proper financial management. It involves maintaining a comprehensive record of all financial transactions related to the business, including sales, purchases, assets, liabilities, and expenses. This accounting process helps businesses to assess their financial position, evaluate profitability, and comply with tax regulations. Additionally, proper bookkeeping and account keeping ensure that financial statements, such as income statements, balance sheets, and cash flow statements, accurately reflect the financial performance and status of the business.
Overall, kept account is the practice of maintaining a detailed record of financial transactions, enabling individuals and businesses to track and manage their finances effectively.
Common Misspellings for KEPT ACCOUNT
- kept accoqnt
- kept accownt
- kept accotnt
- kept accou.t
- kept accouft
- kept accoult
- kept accouot
- kept accoun4
- kept accound
- kept accounp
- kept accounv
- kept accounu
- k ept account
- kept a ccount
- kept ac count
- kept acc ount
- kept acco unt
- kept accou nt
- kept accoun t
Etymology of KEPT ACCOUNT
The etymology of the phrase "kept account" can be broken down into the origins of its constituent words:
1. Kept: The word "kept" comes from the Old English word "cepan" which means "to take care, guard, or preserve". It evolved into the Middle English word "kepten" before eventually becoming "kept" in Modern English. It implies the action of holding or maintaining something.
2. Account: The word "account" originated from the Old French term "aconter" or "acompter", which means "to count, reckon". It can be traced back to the Latin word "computare", which also means "to count" or "calculate". Over time, "account" developed broader meanings related to explaining, considering, or recording financial transactions and other matters.
When combined, the phrase "kept account" refers to maintaining or retaining a record or reckoning of something.
