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 taxpayer won the case by convincing the court that the installment sale rules required all charge sales that met the definition of "installment sale" to be accounted for under the installment method.
In the IRS's favorite case, Diebold, the taxpayer was trying to treat its spare parts as depreciable assets after it had accounted for spare parts as inventory in two closed years.
116 and 124 allow temporarily restricted income and contributions to be accounted for as unrestricted income if the restriction is met in the same accounting period.
EITF Abstracts includes an example of the application of these consensuses to a limited partnership investment in an affordable housing project accounted for under the cost, equity and effective yield methods.
Financial statement users could draw company-to-company and country-to-country comparisons because like transactions would be accounted for and reported in a similar manner no matter where in the world they occur or are reported.
Accounting problem: (1) Should changes in estimates Of future gross products that are the basis of amortizing the present value of future profits (PVP) of acquired long-duration insurance contracts be accounted for as a catch-up adjustment?
If the transaction is to be accounted for at fair value
Concerning Target's separate financial statements, the EITF concluded the transaction should be accounted for as a reverse acquisition of Target by Subsidiary in accordance with paragraph 70 of Opinion no.

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