Hitesh Khanna
(Accounting & Finance Taxation Company Law Audit )
(839 Points)
Replied 30 July 2014
Definately the abbreviation "A/C" means Account. We use such Abbreviation widely while Preparing Profit & Loss A/c, Cash A/c, Salary A/c, Bank A/c
Account Current is also a Concept, which is discussed in IPCC level Accounts.
A type of account that is ongoing between two or more entities.
For Eg Purchase Account
CA PALLAVI VOHRA
(Learner)
(140 Points)
Replied 02 August 2014
It is a record of business transactions that shows the total amount of money owed as of the date of the summarizing statement.
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