account

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Account

In the context of bookkeeping, refers to the ledger pages upon which various assets, liabilities, income, and expenses are represented.

In the context of investment banking, refers to the status of securities sold and owned or the relationship between parties to an underwriting syndicate. In the context of securities, the relationship between a client and a broker/dealer firm allowing the firm's employee to be the client's buying and selling agent. See: Account executive; account statement.

Account

An agreement between an institution and a person, or another institution, whereby the first institution agrees to hold money and/or other assets on behalf of the second. What the holder may do with those assets depends upon the nature of the account. In a checking account and a savings account, a bank holds money for the client and pays it (them or he/she) a certain percentage in interest. This payment gives the bank the right to lend the money to other clients or invest it within the confines of law and banking regulation. However, the client has the right to withdraw the total amount of money on demand. In a brokerage account, a brokerage holds money and securities for the client and makes transactions with them at the client's request. In exchange, the brokerage charges commissions for the transactions.

account

1. The client of a broker, brokerage firm, or broker-dealer. The client may be a business, an individual investor, or an institutional investor.
2. The record of a client's transactions and investment position. See also account statement.

account

  1. a LEDGER record in which is entered details of all financial transactions relating to an individual supplier (in the creditors' ledger), or customer (in the debtors' ledger), or particular asset or liability (in the assets ledger), or type of expense or receipt (in the nominal ledgers). See DOUBLE ENTRY ACCOUNTS, ACCOUNTING.
  2. a BANK or BUILDING SOCIETY'S record of its dealings with a particular customer which itemizes the customer's business with the bank such as deposits of cash and cheques and withdrawals of funds.
  3. a CUSTOMER. A ‘key account’ is an important customer.
References in periodicals archive ?
Bill payments were also on the rise, confirming the trend of using electronic transactions as a method of settling accounts.
Having returned from Lebanon, my colleagues and I are aspiring to work together with other people to help Japan serve the world after settling accounts with the law-enforcement authorities,'' it says.
When English police arrested General Pinochet on October 16, they were establishing that when a crime against humanity has been committed, particularly the crime of torture, it is humanity itself that must find a way of demanding accountability and, one would hope, settling accounts.
Even as we see again the spectre of hostilities in the Middle East let us not forget the progress that is being made in settling accounts.
By using AutoWeb's current scope of business, NTT hopes to expand its design operations to include providing platforms that support total management of the supply chain, including issuing and receiving orders and settling accounts of sales support, the officials said.
Our managers will be settling accounts well past midnight," said Hill's David Hood.
Lloyd's delays settling accounts for three years to give time for claims for losses to be presented and processed.