Business Dictionary :

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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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