account definition

→ Individuals who provide false information should be called to account for their actions. → Auntie told me not to run on account of my asthma.

The opening day of the battle was, nevertheless, accounted a success. And that, according to some accounts I have read, is why he adopted the name. with a bank or a similar account definition organization, you have an arrangement to leave your money there and take some out when you need it. → I was called to account for my conduct by the headmistress.

If you open an account with the store you save 10%. Anna could deposit her savings into an account offering more interest.

We must take his illness into account when assessing his work. take into account, take account of to consider .

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.

Diminishing Balance Method Of Depreciation

A current account surplus is a positive current account balance, indicating that a nation is a net lender to the rest of the world. The balance of payments is a statement of all transactions made between entities in one country and the rest of the world over a defined period of time, such as a quarter or a year. Nations with chronic current account deficits often come under increased investor scrutiny during periods of heightened uncertainty. The currencies of such nations often come under speculative attack during such times.

In those situations, a supplier is selling goods on account and the customer has purchased goods on account. If you want to grow key accounts, you first need to create a universal key account definition, and make sure everyone understands it, agrees with it, and lives by it.

First Known Use Of Account

A statement by which someone explains, or attempts to explain, an event. A customer or client, esp. one with whom there is a regular or formal business retained earnings relationship. To furnish a reckoning of money received and paid out. A sum of money deposited for checking, savings, or brokerage use.

account definition

With a Strategic Account you must be brave and clear minded, and negotiate your way to the best outcome for your business whilst not putting all your eggs in one basket. Ford only looked at their decision from Ford’s point of view. That is their prerogative to do so and if the auto parts suppliers thought they had a Key Account relationship with Ford they were only fooling themselves. You can see the dilemma when it comes to creating your Go-to-market sales strategies and account plans. A strategic account does not usually care about the supplier relationships.

What Is An Account

account definition

You can find out if the number of assets held increased or decreased. It does not tell you how much in total assets is currently being held.

The outstanding balance remains until cash is paid, in full, to the entity owed. Businesspersons keep accounts; attorneys may keep escrow accounts; and executors must keep accounts that record transactions in administering an estate. A country’s current account balance may be positive or negative ; in either case the country’s capital account balance will register an equal and opposite amount. Exports are recorded as credits in the balance of payments, while imports are recorded as debits. In keeping with double-entry bookkeeping, any credit in the current account will have a corresponding debit recorded in the capital account.

The record of a client’s transactions and investment position. See also account statement. A positive current account balance indicates that the nation is a net lender to the rest of the world, while a negative current account balance indicates that it is a net borrower. A current account surplus increases a nation’s net foreign assets by the amount of the surplus, account definition while a current account deficit decreases it by the amount of the deficit. A registry of pecuniary transactions; a written or printed statement of business dealings or debts and credits, and also of other things subjected to a reckoning or review. In the common law, a legal action to require a person to account for money or property. See also accounting.

556; 2 Day, R. 28; Kirby, 164; 3 Gill & John. 485; 4 Watts, 420; 8 Cowen, 220. It is also the proper remedy by one partner against another. 220; 2 Conn. 425; 4 Verm. 340; 2 Watts 86. ACCOUNT, remedies.

Manage Your Business

It’s of no account to me whether he comes or not. The jury must take into account any mitigating circumstances presented by the defense, such as previous good character. The book is a work of fiction and not intended as a historical account.

Equity is often called net assets because it shows the amount of assets that the owners actually own after the creditors have been paid off. You can calculate this by flipping the accounting equation around to solve for equity instead of assets. Liabilities represent the debt obligations that the company owes to creditors. This can include bank debt as well as notes from owners.Liability accountshave a credit balance and appear below assets on the balance sheet.

Examples From The Web For Account

It guarantees that the initial level of the current account will be regained in the new steady state. The opportunity for a successful switch may also be improved to the degree that the economy is protected from problems on the current account. The current account then adjusts nonmonotonically if the speed of adjustment of habits is higher than the speed of adjustment of the capital stock. That did not help current account and official reserves too much, but was partly the cause for much weaker disinflation in that time. The deterioration in the net foreign asset position is then followed by a current account surplus. The current account deficits not only depleted gross official foreign reserves but also involved an accumulation of external debts. Table 6 shows the current account from 1990 to 1999.

Definition and synonyms of account from the online English dictionary from Macmillan Education. So don’t fool yourself, no matter how much you want a Key Account relationship, if they don’t then it won’t happen. And don’t think for a minute that being customer centric means giving into clients at your expense. That is not good business either.

  • The financial account reports on the change in total international assets held.
  • Revenue, one of the primary types of accounts in accounting, includes the money your company earns from selling goods and services.
  • It does not tell you how much in total assets is currently being held.
  • You can find out if the number of assets held increased or decreased.
  • The current account measures international trade of goods and services plus net income and transfer payments.

I transfer my mortgage repayments monthly from my current account. He is considering what to do with around £5,000 he has in his current account. Add current account to one of your lists below, or create a new one.

In Accounting, an account is a record of all relevant business transactions in terms of money. Account consists all the statements by data wise QuickBooks regarding the business transactions as person, companies, representatives, asset & liabilities, income & expenditures, profit & loss .

account definition

Current liabilities are a company’s debts or obligations that are due to be paid to creditors within one year. A liability is something a person or company owes, usually a sum of money. On account can refer to purchases on account, but here are also other ways to use this notation. Yourhigh taxbill islikely to be down to twomainfactors bookkeeping – a high profit in the year; and theway payments on account work. Increasedprofits have a furtherimpact as the payments on account for are also based on the previousyear. We havealready made a payment of 10,000 on account to thelatter. , it is charged to your account, and the vendor will invoice you for it later.

In exchange, the brokerage charges commissions for the transactions. Account is one of those seemingly simple words that have a mass of different meanings. An account can be a narrative or story — a biography, for example, is an account of someone’s life.