Account

account contractual relationship between two parties involving an exchange of funds at a later date, as between buyer and seller, or an agreement by one party to hold funds in trust for the other.

Accountants may be licensed by a variety of organisations, such as the UK's Association of Chartered Certified Accountants (ACCA) and Institute of Chartered Accountants, ...

Accounting Cycle The primary objectives of the accounting function in an organization are to process financial information and to prepare financial statements at the end of the accounting period.

Accountancy[1] or accounting is the system of recording, verifying, and reporting of the value of assets, liabilities, income, ...

Account aggregation allows you to view all your online accounts on a single website.

account statement Definition A record of transactions and their effect on account balances over a specified period of time, for a given account.

Accounting Principles Board (APB) This group preceded the current Financial Accounting Standards Board (FASB). The APB members served in a part-time capacity to determine the accounting standards from 1962 to 1973.

Accounting reference date The date to which accounts are made up for a company. When a company is incorporated, it will normally have an accounting reference date which is the last day of the month in which the anniversary of its incorporation falls.

Accounting Standards Board (ASB) Definition UK organization (similar to the US Financial Accounting Standards Board) responsible for drafting and establishing accounting standards.

Account Definition 1. In the context of bookkeeping, refers to the ledger pages upon which various assets, liabilities, income, and expenses are represented.

Account From LoveToKnow 1911 ACCOUNT (through O. Fr. acont, Late Lat. comptum, computare, to calculate), counting, reckoning, especially of moneys paid and received, hence a statement made as to the receipt and payment of moneys; ...

Accounting Terms & Bookkeeping Terminology Our accounting and bookkeeping Terms glossary has definitions to over 150 accounting (accouting) and bookkeeping terms or tax terms.

Accounting To provide a record such as funds paid or received for a person or business. Accounting summarizes and submits this information in reports and statements. The reports are intended both for the firm itself and outside parties.

Accountancy allows the creation of accurate financial reports that are useful to managers, regulators, and other stakeholders such as shareholders or owners. The day-to-day record-keeping involved in this process is known as bookkeeping.

Accounting Terminology Guide The NYSSCPA has prepared this glossary as an educational tool for journalists who report on and interpret financial information.

ACCOUNTING CYCLE The routine steps in processing accounting data during an accounting period. In sequence, 1) occurrence of the transaction, 2) classification of each transaction in chronological order (journalizing), 3) recording the classified data ...

Principles of Accounting introduction chapters types of accounts click on the account for added information ...

Account balance An account balance is the difference between the increases (including the beginning balance) and decreases recorded in the account.

Accounts payable is also used to refer to the unit within an organization's accounting department that manages these payments.

Accounting Organizations American Institute of Certified Public Accountants Washington Society of Certified Public Accountants ...

Account in which the customer has sold short securities. Before a customer may sell short, a margin account must be opened. Short Covering See Cover.

Other Account Opening Documents The new account application may come with other documents-such as a "Customer Agreement," "Terms and Conditions" or the like.

Escrow Account A fund set up to hold pledged money or securities used to pay debt service. Various types of escrows can be structured in Refund including a open market securities escrow, SLGS escrow, and a PV (theoretical) escrow.

Capital Account Liberalisation (CAL) Removal of controls on the international flows on a country's capital account, enabling full currency convertibility and opening of the financial system. More glossary definitions...

An escrow account will be established prior to or at closing the loan anytime you are taking a mortgage. The escrow account will contain items and deposits required by lender to be paid in advance.

Checking accounts are transaction accounts that allow you to authorize the transfer money to another person or organization either by writing a check that includes the words 'Pay to the order of' or by making an electronic transfer.

Average age of accounts receivable Average collection period, or days' receivables Average cost ...

Most financial institutions are directly tied to these software programs and it's very easy to have Quicken automatically update your account balances and transactions every day.

With the new tax free savings account (TFSA), contributions up to $5000 annually, with $500 increments indexed to inflation, ...

tax law of 1981, IRA provisions were liberalized to allow individuals to contribute up to $2,000 per year (up from $1,500) to such accounts, and coverage was extended to employees already in corporate pension programs.

Account Party The FI's customer. In a letter of credit, the FI guarantees payment to the beneficiary on behalf of the account party.

Accountants and economists must weight opportunity costs when making decisions. Discuss It! lol said: ...

Margin accounts are brokerage accounts that allow you a much wider range of transactions than cash accounts.

Account: A collection of investments, either taxable or tax-deferred. Account can be real (contains investments actually owned) or model (hypothetical).

ACCOUNTING COST: The actual outlays or expenses incurred in production that shows up a firm's accounting statements or records.

Accounts Receivable Amounts due to an organisation or individual from another for goods or services it has supplied....(Read more) Accrual ...

Accounting Standards Practice notes and policies issued by the Australian Accounting Research Foundation setting out acceptable practices and procedures for adoption by accountants and auditors.

Accounts Reconciliation: The beginning balance plus the sum of all entries on a ledger or in a checkbook register must equal the ending balance on an account statement. Deposits, interest received, and credits are added to the beginning balance.

ACCOUNT - A fiscal and accounting entity with a self-balancing set of general ledger codes in which cash and other financial resources, together with all related liabilities and residual equities or balances, and changes therein, ...

Accounts Payable A category of liabilities that represents funds due to creditors. Usually, accounts payable is due to trade creditors who have supplied goods or services without requiring immediate payment.

Account: A relationship under a particular legal name (business, individual, trust), such as a checking account or savings account.

account reconciliation services A cash management service. One or more of a series of bank services designed to aid a deposit customer in the reconciliation of its bank account balance.

Account Type When placing an order through this site, you must be sure to select the proper Account Type for the position you wish to trade.

Account - A credit agreement between a consumer and a credit extending agency. An account maybe a closed-end agreement, such as an installment loan, or an open-ended agreement, such as a department store account (revolving).

Accounts Payable: Debts the company must pay off within the year; that is, they are a current liability. Typically, these debts are to the company's suppliers.

Accountant - One who is skilled at keeping business records. Account - A record of a business transaction or "deal." Accounts receivable - A record of what is owed to you.

Accounting Services Forensic Accounting Financial Accounting Tax Planning & Consulting Audit Representation Tax Return Preparation ...

accounting value : one of three concepts of stock value, accounting value is measured by company-reported external accounting figures such as book value per share or net worth per share; see value.

Accounts receivable turnover The ratio of net credit sales to accounts receivable, a measure of how quickly customers pay their bills. Accrued interest The accumulated interest, paid to the seller of a by the buyer (unless the is in default).

Account Payable = an amount owing to creditors. It represents a liability for purchases, interest charges, etc. Account Receivable = An amount owed by a debtor. It is usually money or other value claimed for sale of goods or services.

Accountant's Opinion. If a independent certified public accountant is requested to audit a company's books, he will issue a opinion as to the condition of the financial statements. There are several degrees of opinion from clean to adverse.

Accounts payable: Money that a company owes to suppliers of goods and services purchased on credit. The accounts payable amount is a liability to the company. (Compare with accounts receivable.) ...

Accounts Payable The amount that the company has been billed but has not yet paid. This is money owed to its regular business creditors from whom it has bought goods and services. Accounts Receivable ...

Accounting identities Statements that certain numerical measurements are equal by accepted definition (for example, "assets equal liabilities plus stockholders' equity"). Accounting profit Total revenues minus total explicit costs.

Accounting Designation: The three major accounting designations in Canada are:- Chartered Accountant (CA) ...

Accounts over which an individual or organization, other than the person in whose name the account is carried, exercises trading authority or control. Personal Finance Headlines SEARCH: ...

Accountant's Opinion A letter preceding an audited financial report, written and signed by an independent accountant, describing the scope of the statement and presenting an opinion on the quality of the data presented. Accounting exposure ...

Accounts Receivable - Trade accounts of businesses representing moneys due for goods sold or services rendered evidenced by notes, statements, invoices or other written evidence of a present obligation.

Accounts payable These are amounts owed by a business or an individual to their suppliers. Accounts receivable ...

Accounts Payable - short term debts incurred as the result of day-to-day operations. Accounts Receivable - monies due your enterprise as the result of day-to-day operations.

See also: Money, Market, Finance, Accounting, Services