accounts

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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.

accounts

the financial statements of a business prepared from a system of recorded financial transactions. Public limited JOINT-STOCK COMPANIES are required to publish their year-end financial statements, which must comprise at least a PROFIT-AND-LOSS ACCOUNT and BALANCE SHEET, to enable SHAREHOLDERS to assess their company's financial performance during the period. AUDITORS also require a set of year-end accounts to enable them to undertake appropriate tests of the LEDGER records and submit their opinion on the accuracy of the company's reported results to shareholders. Nonincorporated bodies such as sole proprietors and partnerships are not subject to such rigorous legislation but most prepare appropriate financial statements to submit to the INLAND REVENUE as a basis for tax assessments.

accounts

the financial statements of an individual or organization prepared from a system of recorded financial transactions. Public limited JOINT-STOCK COMPANIES are required to publish their year-end financial statements, which must comprise at least a PROFIT-AND-LOSS ACCOUNT and BALANCE SHEET, to enable SHAREHOLDERS to assess their company's financial performance during the period under review.
References in periodicals archive ?
Sources said both NBP and accounts department parties were busy influencing the corruption watchdog to bury the scam, which hit 10,000 pensioners.
In addition to working on reception, Danielle started gaining experience and knowledge working in sales administration and the accounts department, where she is currently pursuing her career.
We have another business called Serviceline in Stevenage and have an accounts department there, where we have a new computer system.
The positions have been created to bring the accounts departments for each station under one roof.
It was declared in favour of the audit and accounts department.
Alma Duncan worked in my department, nominal ledger, in the accounts department. Mavis Batty, worked in the wages department, which I also worked in.
Islamabad -- A mega scam of looting more than Rs 53 million , on the name of ghost pensioners has surfaced in LESCO Six high officials and several staffers of Accounts Department of Lahore Electric Supply Company (LESCO) were also involved in this scam.
The cases for re-appropriation of funds from one budget head to other should be finalized before May 2016 and same should be submitted to the Administrator KMC through the Finance & Accounts Department, KMC.
Continuing to work part-time on reception, Danielle also started working in the accounts department.
Islamabad -- The Supreme Court has directed Attorney General's Office to appoint a Deputy Attorney General for the cases pertaining to Pakistan Military Accounts Department (PMAD) within 10 days to proceed further in these cases.
Up to 60 workers at the firm's Tyneside headquarters will lose their jobs after the global company cuts costs by `outsourcing' part of its accounts department.
Rawalpindi, April 08, 2011 (Frontier Star): An prize distribution ceremony of Pakistan Military Accounts Department (PMAD) Annual Sports Festival 2011 was held at Army School of Physical Training, Abbottabad.