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account


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1 A statement of indebtedness from one person to another; an invoice. A provider of professional services or of goods may render an account to a client or customer. A solicitor selling a house on a person's behalf will render an account of the sale, which may show that the solicitor owes the seller the proceeds of the sale, less expenses.

2 A named segment of a ledger recording transactions relevant to the person or the matter named. Accounts consist of two sides; increases are recorded on one side and decreases on the other. These entries are often referred to as debit and credit entries. Accounts may be kept in a written form in a ledger, they may be on loose cards, or they may held in a computer.

3 An account maintained by a bank or a building society in which a depositor's money is kept. See cheque account; current account; deposit account.

4 Formerly, a period during which dealings on the London Stock Exchange were made without immediate cash settlement. Up to the end of each account, transactions were recorded but no money changed hands. Settlement of all transactions made within an account was made ten days after the account ended. This practice changed in 1996 when the account system was abandoned.

5 In an advertising, marketing, or public-relations agency, a client of the agency from whom a commission or fee is derived, in return for the services.

6 See annual accounts.

Subjects: Financial Institutions and Services.


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