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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 ?
While insurers will have several options as to how to account for insurance contracts under IFRS 4, they will need to meet more stringent disclosure requirements for such accounting, said Peter Clark, project manager with the International Accounting Standards Board.
To understand how utilities account for nuclear decommissioning costs, we examined the annual reports and form 10-Ks of the 53 investor-owned utilities with nuclear facilities.
At its next meeting, the FASB will consider the appropriate financial accounting for the tax effect of stock options, how stock-based plans and cash bonus plans integrate, and how to account for the exchange of stock options in merger and acquisition transactions.
94-1 provides guidance on how to account for investments in limited partnerships that operate qualified affordable housing projects.
The exposure draft further proposed that companies use the retrospective method to account for the effects of changes in prepayment estimates or actual prepayment experience.
Number of Institutions and Accounts Commercial banks account for nearly half of the 2.
AMEX:ICH) and an award-winning financial services firm for individual investors, to develop Investors Capital's Ultra Advantage Account, the firm's fee-based brokerage account for individual investors.
When prescribed statutory accounting practices do not cover the accounting for a transaction, insurance enterprises sometimes use generally accepted accounting principles to account for the transaction.
Contributions made on or before the last day of the partnership's tax year will increase a partner's "book" capital account for purposes of the limitation imposed by the alternate test for economic effect.