Business Dictionary :
Account
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Account : noun
(a) record of money paid or owed
• Please send me your account or a detailed or an itemized account.
Expense Account = money which a busiinessman is allowed by his company to spend on travelling and entertaining clients in connection with his business
• He charged his hotel bill to his expense account.
(b) (in a shop) arrangement which a customer has to buy goods and pay for them at a later date (usually the end of the month) : to have an account or a charge account or a credit account with Harrods
• Put it on my account.
• Charge it to my account.
(c) (of a customer) to open an account = to ask a shop to supply goods which you will pay at a later date
(d) (of a shop) to open an account or to close an account = to start or to stop supplying a customer on credit :
To settle an account = to pay all the money owed on an account.
To stop an account = to stop supplying a customer until he has paid what he owes :
On account = as part of a total bill
To pay money on account = to pay to settle part of a bill
Advance on account = money paid as a part payment
(e) customer who does a large amount of business with a firm and has an account
• He is one of our largest accounts.
• Our salesmen call on their best accounts twice a month.
Account Executive = employee who looks after certain customers or who is the link between certain customers and his company
(f) the accounts of a business or a company's accounts = detailed record of a company's financial affairs
To keep the accounts = to write each sum of money in the account book
• The accountant's job is to enter all the money received in the accounts.
Annual Accounts = accounts prepared at the end of a financial year
Management Accounts = financial information (sales, expenditure, credit and profitability) prepared for a manager so that he can take decisions
Profit and Loss Account = accounts for a company with expenditure and income balanced to show a final profit or loss
Accounts Department = department in a company which deals with money paid, received, borrowed or owed
Accounts Manager = manager of an accounts department
Accounts Payable = money owed by a company
Accounts Receivable = money owed to a company
(g) Bank Account or Banking Account (US) = arrangement to keep money in a bank
Building Society Account
Savings Bank Account
Giro Bank Account
Lloyds Account
• He has an account with Lloyds.
• I have an account with the Halifax Building Society.
• I have to put money into your account.
To take money out of your account or to withdraw money from your account
Budget Account = bank account where you plan income and expenditure to allow for periods when expenditure is high
Current Account or Cheque Account or Checking Account (US) = account which pays no interest but from which the customer can withdraw money when he wants by writing cheques
Deposit Account = account which pays interest but on which notice usually has to be given to withdraw money
External Account = account in a British bank of someone who is living in another country
Frozen Account = account where the money cannot by used or moved because of a court order
Joint Account = account for two people
• Most married people have joint accounts so that they can each take money out when they want it.
Overdrawn Account = account where you have taken out more money than you have put in (i.e. where the bank is lending you money)
Savings Account = account where you put money in regularly and which pays interest, often at a higher rate than a deposit account
To open an account = to start an account by putting money in
• She opened an account with the Halifax Building Society.
To close an account = to take all money out of a bank account and stop the account
• He closed his account with Lloyds.
(h) (Stock Exchange) period of credit (usually fourteen days) at the end of which you must pay for shares bought
Account Day = day on which shares which have been bought must be paid for
• Share prices rose at the end of the account or the account end.
(i) Notice
To take account of inflation or to take inflation into account = to assume that there will be a certain percentage inflation when making calculations
(j) Account : verb : to account for = to explain and record a money dea
To account for a loss or a discrepancy
• The reps have to account for all their expenses to the sales manager.
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