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 ?
Taxpayers currently accounting for stated interest on short-term consumer loans under the Rule of 78s method may automatically change to the constant yield method under the general automatic method change procedures of Rev.
In addition, in making the distinction between the "character" of an item and the "method" of accounting for it, the courts have recognized that, although there may be a timing effect from the recharacterization of an item, that consequence is a result of the recharacterization and does not, in and of itself, constitute a change in method of accounting within the meaning of section 446.
Smith is pleased with their work and their ability to reduce the company's foreign-exchange exposures, except for the inability to gain hedge accounting for the forecasted sales of the German subsidiary.
Because of the intricacies of the accounting for these notes, Merrill is not always permitted to mark these instruments to market in their entirety.
Government counsel argued that, even so, the taxpayer should not be permitted to change its method of accounting for the assignments because it did not ask for permission.
SFAS 52 deals with foreign currency transactions, including accounting for foreign-currency forwards and currency swaps, and SFAS 80 addresses the accounting for regulated interest-rate and commodity futures contracts.
FASB IS CONSIDERING ELIMINATING POOLING of interests as a method of accounting for a business combination on January 1, 2001.
Financial analysts are not clamoring for formal accounting for marketable debt and equity securities at market prices, and some are even opposed to formal mark-to-market accounting.
90-63 (concerning changes in method to accounting for package design costs) contains similar guidance.
In addition, the accounting for some leases that continue to be treated as operating leases should be changed to accrue total rent expense on a straight line basis over the lease term rather than recording actual rent paid under these leases.
From a financial reporting perspective, the FASB project on accounting for the retirement of long-lived assets will have a significant impact on how the electric utility industry accounts for this often rigorous process.
You can find most of the authoritative guidance in FASB Statements 52, Foreign Currency Translation, for hedges of foreign currency items, and Statement 80, Accounting for Futures Contracts, for futures contracts used as hedging instruments.