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 ?
The Storage Administrator must monitor the level of service delivered in addition to the capital infrastructure and manpower required to manage each account to generate this report.
Three months later, the wireless telephone company filed for Chapter 11 bankruptcy protection and the fraudulent accounts were discovered.
citizen, permanent resident or entity that has a financial interest in, or signature or other authority over, any financial account, including a bank, securities or other financial account in a foreign country, exceeding $10,000 in the aggregate at any time during a calendar year.
Reporting Under a Client's Employer Account Number -- An employee leasing company or professional employer organization (PEO) with a high UI rate will shift its payroll to the account number of one of its clients with a lower UI rate.
Now the president's proposed savings accounts could hurt the viability of the variable-annuity product itself in that the new accounts would be tax-free investment vehicles, while distributions from annuities still would be taxed.
A credit in the wrong amount (for example, when the amount credited to the consumer's account differs from the amount in the transmittal instructions).
So, the money in the account is continuously reinvested.
Candida Sifuentes recently joined the company as account manager.
For banks, the average monthly fee and the average minimum balance required to avoid the fee did not change a statistically significant amount over the period, and the average minimum balance required to open the account dropped a statistically significant 46 percent.
Balance sheet account reconciliations are one of the oldest and most important accounting processes.
Phase II, to be implemented at an undetermined date in the next few years, would establish an as-yet incomplete plan to account for insurance contracts.
If the cost of opening a business account is a deterrent, Stockton advises business owners to conduct a more thorough search for banks that offer free checking accounts to businesses that make a certain number of transactions per month.