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 ?
Clark added that, outside of insurance contracts, a lot of the accounting for financial instruments under IFRS is similar to U.
Alternatively, taxpayers that are dealers in securities only because of dealings in nonfinancial customer paper and wanting to discontinue use of the mark-to-market method of accounting for all securities (including nonfinancial customer paper) may do so automatically under the general automatic change procedures of Rev.
08(1), a taxpayer's method of accounting for an item is an "issue under consideration" for the taxable year under examination "if the taxpayer receives notification (for example, by examination plan, information document request (IDR), or notification of proposed adjustment or income tax examination changes) from the examining agent(s) specifically citing the treatment of the item as an issue under consideration.
FASB considered accounting for business combinations and the treatment of goodwill and other intangibles, starting in 1996, and issued its ED in September 1999.
446-1(e)(2)(ii)(a) provides that a change in method of accounting includes a change in the overall plan of accounting for income or deductions or a change in the treatment of any material item used in that overall plan that involves the proper time for including an item in income or taking a deduction.
SFAS 52 deals with foreign currency transactions, including accounting for foreign-currency forwards and currency swaps, and SFAS 80 addresses the accounting for regulated interest-rate and commodity futures contracts.
FASB is now debating whether to eliminate pooling as a method of accounting for mergers and acquisitions.
Financial analysts are not clamoring for formal accounting for marketable debt and equity securities at market prices, and some are even opposed to formal mark-to-market accounting.
90-63 (concerning changes in method to accounting for package design costs) contains similar guidance.
The Statement applies to all voluntary changes in accounting principle, and changes the requirements for accounting for and reporting of a change in accounting principle.
From a financial reporting perspective, the FASB project on accounting for the retirement of long-lived assets will have a significant impact on how the electric utility industry accounts for this often rigorous process.
You can find most of the authoritative guidance in FASB Statements 52, Foreign Currency Translation, for hedges of foreign currency items, and Statement 80, Accounting for Futures Contracts, for futures contracts used as hedging instruments.