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 ?
It's about time our councillors were called to account.
If the money is in a trust for your kids and she acts inappropriately, she could be called to account.
Joan Conway is also in the very enviable position of never having to be called to account for the huge increase in the numbers of children who would likely be the casualties of a later conflict.
Increasingly companies are being called to account in areas of Safety, Health and Environment by a range of stakeholders including governments, NGOs and the media as well as by concerned shareholders.
And there is even less chance of anyone being called to account for any wrongdoing.
The medical profession must be called to account for their errors.
Boise Cascade has a pattern of underperformance that the company should be called to account for, starting with its board of directors.
It's an outrage that loyal shopworkers face a struggle to pay their bills while their former bosses have not been called to account.
The pounds 2billion home credit industry will be called to account following a "super complaint" by the National Consumer Council.