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 second challenge, assuming the time issue can be overcome, is the lack of resources related to accounting for income taxes.
Life insurers are concerned that fair-value accounting for their liabilities will distort the value of products designed to accumulate value over time--such as annuities.
(2) Concededly, where there are two (or more) permissible methods of accounting for an item, and in connection with an examination the taxpayer discovers that it is employing a suboptimal method, the IRS might properly decline to exercise its authority to initiate a change in method in the tax years under examination.
97-27, the ERS has set forth revised procedures that a taxpayer must employ in order to obtain the consent of the Commissioner to a change in a method of accounting for federal income tax purposes.
During the months expected before any new rule is finalized, the FASB is working on accounting for goodwill and other intangible assets.
In Notice 96-30,(23) the IRS provided automatic consent procedures for all not-for-profit organizations described in section 501(c), which were compelled to adopt Statement of Financial Accounting Standard 116, to change their method of accounting for contributions.
133 permits this special accounting for the change in value of derivatives designated and qualifying as fair value hedges, cash flow hedges or foreign currency hedges (see sidebar "FASB 133 Hedge Definitions").
But any "improvement" in accounting is likely to be a method of accounting for which the company should have obtained the Commissioner's permission before extending the improvement to its tax accounting.
AcSEC issued the ED, Accounting for Investors' Interests in Unconsolidated Real Estate Investments, in November 2000.
Taxpayers that want to change their method of accounting for R&E expenditures related to a particular project or projects may automatically change to or from:
Plus, more than 20 individual domestic standards of accounting for China are currently on exposure and may be enacted in the near future.

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