Account Statement for Dummies
noun
What does Account Statement really mean?
Account Statement is a term you might have come across, especially if you have your own bank account or if you've ever seen your parents go over their finances. It is simply a document that shows all the transactions that have taken place in a particular time period, like a month or a year, for a specific account. Think of it as a big report card for your bank account, where you can see all the money coming in and going out.
Imagine you have a piggy bank where you keep all your pocket money. Every time you get money, you put it in the piggy bank. And every time you spend money, you take it out of the piggy bank. Now, think about how you would keep track of all the transactions you made with that money. You could write it all down on a piece of paper, right? Well, an account statement is just like that piece of paper, but instead, it's created by your bank.
Let's say you have a bank account, and you receive some money from your parents as your allowance every week. So, your account statement will show all those weekly allowances coming into your account. It will also show when you spend your money, like buying toys or snacks. The account statement will record those transactions too and show the money leaving your account.
Now, account statements can also have some other useful information. For example, it may show the balance of your account at the beginning and end of the time period covered by the statement. It might also include the interest you earned if you have a savings account, which is like a little reward your bank gives you for keeping your money with them.
Think of it this way: just like a diary helps you remember what you did each day, an account statement is like a diary that helps you and your bank remember all the money that flowed in and out of your account. That's why keeping track of your account statements is important because it allows you to manage your money better and keep an eye on your spending.
So, to sum it up, an account statement is a document that shows all the money coming into and going out of your bank account, kind of like a report card for your money. It helps you and your bank keep track of your transactions and manage your finances.
Imagine you have a piggy bank where you keep all your pocket money. Every time you get money, you put it in the piggy bank. And every time you spend money, you take it out of the piggy bank. Now, think about how you would keep track of all the transactions you made with that money. You could write it all down on a piece of paper, right? Well, an account statement is just like that piece of paper, but instead, it's created by your bank.
Let's say you have a bank account, and you receive some money from your parents as your allowance every week. So, your account statement will show all those weekly allowances coming into your account. It will also show when you spend your money, like buying toys or snacks. The account statement will record those transactions too and show the money leaving your account.
Now, account statements can also have some other useful information. For example, it may show the balance of your account at the beginning and end of the time period covered by the statement. It might also include the interest you earned if you have a savings account, which is like a little reward your bank gives you for keeping your money with them.
Think of it this way: just like a diary helps you remember what you did each day, an account statement is like a diary that helps you and your bank remember all the money that flowed in and out of your account. That's why keeping track of your account statements is important because it allows you to manage your money better and keep an eye on your spending.
So, to sum it up, an account statement is a document that shows all the money coming into and going out of your bank account, kind of like a report card for your money. It helps you and your bank keep track of your transactions and manage your finances.
Revised and Fact checked by Megan Brown on 2023-11-06 02:46:34
Account Statement In a sentece
Learn how to use Account Statement inside a sentece
- When you go to the bank, they give you a paper that shows all the money you have in your bank account. This paper is called an account statement.
- At the end of each month, your mom or dad may get a paper from their credit card company that shows all the purchases they made with the credit card. That paper is their account statement.
- Imagine your teacher gives you pocket money every day and you keep it in a piggy bank. At the end of the week, you write down how much money you have in a notebook. That notebook is like your personal account statement.
- If you have a savings account in a different bank, your account statement will show all the money you have saved in that bank.
- When you buy things online, you use your mom or dad's credit card. At the end of the month, they will receive an account statement that shows all the things you bought online.
Account Statement Synonyms
Words that can be interchanged for the original word in the same context.
Account Statement Hypernyms
Words that are more generic than the original word.
Account Statement Hyponyms
Words that are more specific than the original word.
Account Statement Meronyms
Words that are part of the original word.