Financial accounts are records that track the financial activities of an individual or organization. They include details about income, expenses, assets, and liabilities, helping to provide a clear picture of financial health. Common types of financial accounts are bank accounts, investment accounts, and credit accounts. These accounts are essential for budgeting, financial planning, and tax reporting. They allow users to monitor their spending habits and savings goals. By maintaining accurate financial accounts, individuals and businesses can make informed decisions about their finances and work towards achieving their financial objectives.