accounts


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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 periodicals archive ?
The above Elizabethan accounts reveal how the Hakluyt accounts and the independently printed accounts concur in showing the dangers of Mediterranean trade among the Muslims and Catholics, and in praising the queen for her ceaseless activity on behalf of captives.
11(c)(3) (for new accounts as defined in Regulation CC (12 C.
To make the management of application recovery time for many Storage Accounts efficient, the Storage Administrator needs to avoid a high degree of manual and platform-specific operations, such as physical storage or server reconfiguration.
While auditing the financial statements of a new wireless telephone company that had recently gone public, John failed to confirm several large accounts receivable.
Leading Direct Marketer Hires Directors, Account Services Managers, Account Managers
30, FASB continues to allow extraordinary-item treatment for material items that are both unusual in nature and infrequent in occurrence, taking into account the environment in which the entity operates.
The IRS is currently issuing notices to taxpayers identified as holders of offshore credit cards, owners of offshore bank accounts and participants in offshore financial arrangements.
Under MRQ's current reporting system, unilateral transfers of funds among tax accounts by MRQ normally come to the taxpayer's attention only upon issuance of an assessment.
Data on checking and savings accounts include the availability of no-fee versions of those accounts.
They should risk-rate all accounts and reconcile high- and medium-risk accounts in time to incorporate general ledger adjustments into the company's earnings release.
Taxpayers with foreign financial accounts worth over $10,000 are required to file Form TD F 90-22.
It just drove the point home that you really can't be considered a serious business if you don't separate your accounts.