personal accounts


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Personal Account

A bank account one uses for purposes other than business. One uses a personal account for one's daily and regular expenses, such as rent, utilities, debt service and groceries. One also uses a personal account for one's savings that have not been invested. Most personal accounts are thus divided into checking and savings accounts.

personal accounts

the accounts which are recorded in the sales ledger and purchases ledger of debtors and creditors respectively. A business has to keep a record within its recording system of how much is owing from each individual customer and to each individual supplier. See LEDGER.
References in periodicals archive ?
A majority of those surveyed said that the absence of monthly maintenance fees had prompted them to use personal accounts for business needs.
Reporting on the state of the insured in personal accounts over the Internet, from the replica database part REGOS which is located at the performers,
The Legislature also clearly limited the scope of the new law to personal accounts.
About 41 per cent of companies with less than 250 staff are thinking of replacing their existing scheme with low-cost personal accounts, according to the Association of Consulting Actuaries (ACA).
This, he believes, is the likely payroll increase arising from employers' contributions to the new Personal Accounts.
Personal accounts are being launched to coincide with new rules that come into force in 2012, under which workers will automatically be enrolled into a workplace pension scheme, although they will retain the right to opt out.
As a public body, PADA is procuring services for the personal accounts scheme through the public sector procurement processes.
The Government's introduction of Personal Accounts in 2012 could force companies to reduce the contributions they currently make to defined contribution (DC) pensions.
The Work and Pensions Select Committee said the proposed system of Personal Accounts had the potential to give millions of people access to retirement savings.
Storytellers from five faiths -- Hinduism, Judaism, Buddhism, Christianity and Islam -- will each take a turn, telling a story from sacred texts or personal accounts.
Through many examples of both personal accounts and case studies, Merriam arrives at both a common model of traumatic experience integration and the legacies of both individual and collective experiences of trauma.

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