- A statement of indebtedness from one person to another an invoice. A provider of professional services or goods may render an account to a client or customer, and 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, fewer expenses.
2. A named segment of a ledger recording transactions relevant to the person or the matter named (see DOUBLE-ENTRY BOOK·KEEPING.).
Accounts consist of two sides: increases are recorded on one side and decrease on the other. Accounts may be kept in a written form in a ledger, they may be on loose cards, or they may be held in a computer.
3. An account maintained by a *bank or a *building society in which a depositor’s money is kept. Sec CHEQUE ACCOUNT; CURRENT ACCOUNT; DEPOSIT ACCOUNT.
4. A period during which· dealings on the London Stock Exchange were formerly made without an 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 accounting system was abandoned.
5. In 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.
