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 ?
'Quoting an EC customer's VAT registration number on a sales invoice is the best evidence you can hold that your customer is in business and without it you may be called to account for VAT on the goods in the UK,' said Mr Simmonds.
British Telecom is being called to account over the axing of hundreds of pay phones across the North East.
Elsewhere, however, the mood is less tranquil: wrath, and not a little of it, is in evidence, as the unbelievers are called to account.
But fall short, as I suspect they will, and surely he will be called to account.
BUNGLING council workers are being called to account after a railway crossing was mistakenly gritted, causing train delays.
Clerk to the Presbytery Callum MacLean wrote: "We would remind the licensing court of their responsibilities before the higher court of Almighty God and of the reality of their being called to account for actions which will further permit the desecration of the Lord's Day."
The Galpharm club pleaded guilty but sought a personal hearing after being called to account following a skirmish involving most of the outfield players near the end of the match, which Town won 1-0.
ADEATH driver is unlikely to be called to account for his actions which killed a family man after the grieving family said they did not want him to appear at the inquest.
Almost certainly, they will be called to account this week.
I do think they should be called to account, though.
Mr Brunstrom was called to account after he showed a photo of decapitated motorcyclist mark Gibney at a special media briefing without telling the family.
Those responsible should be called to account and it will be for the courts to decide who is liable and what losses they are liable for."