accounts


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Related to accounts: accounts receivable, accounts payable, Accounting Principles, Accounting Concepts

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.

accounts

the financial statements of a business prepared from a system of recorded financial transactions. Public limited JOINT-STOCK COMPANIES are required to publish their year-end financial statements, which must comprise at least a PROFIT-AND-LOSS ACCOUNT and BALANCE SHEET, to enable SHAREHOLDERS to assess their company's financial performance during the period. AUDITORS also require a set of year-end accounts to enable them to undertake appropriate tests of the LEDGER records and submit their opinion on the accuracy of the company's reported results to shareholders. Nonincorporated bodies such as sole proprietors and partnerships are not subject to such rigorous legislation but most prepare appropriate financial statements to submit to the INLAND REVENUE as a basis for tax assessments.

accounts

the financial statements of an individual or organization prepared from a system of recorded financial transactions. Public limited JOINT-STOCK COMPANIES are required to publish their year-end financial statements, which must comprise at least a PROFIT-AND-LOSS ACCOUNT and BALANCE SHEET, to enable SHAREHOLDERS to assess their company's financial performance during the period under review.
References in classic literature ?
The first three or four days passed most quietly, with no circumstance to mark them excepting the receipt of a note or two from Lyme, which found their way to Anne, she could not tell how, and brought a rather improving account of Louisa.
No, no; that would be too trifling a matter for you to take in hand, and it was not on that account you asked Percerin for those patterns of the king's costumes.
Now come and read aloud to me; my eyes are tired, and it is pleasant to sit here by the fire while the rain pours outside and Aunt Jane lectures upstairs," said Uncle Alec, when last month's accounts had been put in good order and a fresh page neatly begun.
They told me that when they were so knocked down, the rest of their company rescued them, and stood over them fighting till they were come to themselves, all but him whom they thought had been dead; and then they made their way with their halberds and pieces, standing close together in a line, through a body of above a thousand savages, beating down all that came in their way, got the victory over their enemies, but to their great sorrow, because it was with the loss of their friend, whom the other party finding alive, carried off with some others, as I gave an account before.
However, they have now equipped a numerous fleet, and are just preparing to make a descent upon us; and his imperial majesty, placing great confidence in your valour and strength, has commanded me to lay this account of his affairs before you.
In the account of Abyssinia, and the continuation, the authors have been followed with more exactness, and as few passages appeared either insignificant or tedious, few have been either shortened or omitted.
In the first place, let me read to you a schoolboy account of the genus Sphinx, of the family Crepuscularia of the order Lepidoptera, of the class of Insecta -- or insects.
My mother too, poor soul, will think so much better of you on account of it.
As for Draco's laws, they were published when the government was already established, and they have nothing particular in them worth mentioning, except their severity on account of the enormity of their punishments.
DEAR SIR, - We notice that your account to-day stands 119,000 pounds overdrawn, against which we hold as collateral security shares in the Bekwando Land Company to the value of 150,000 pounds.
A PATRIOT who had taken office poor and retired rich was introduced at a bank where he desired to open an account.
But whereas her mistress had, in the preface to her enquiry, spoken much in compassion for the fright which the lady had been in concerning any intended depredations on her virtue, Susan could not help endeavouring to quiet the concern which her mistress seemed to be under on that account, by swearing heartily she saw Jones leap out from her bed.