Account Stated

Business, Legal & Accounting Glossary

Definition: Account Stated



What is the dictionary definition of Account Stated?

Dictionary Definition


n. a statement between a creditor or the person to whom money is owed and a debtor (the person who owes) that a particular amount is owed to the seller as of a certain date. Often the account stated is a bill, invoice or a summary of invoices, signed by the customer or sent to the customer who pays part or all of it without protest. This is important when a frustrated businessman sues for “account stated” which sets both the debtor’s liability and the exact amount the debtor must pay, which is less complicated than claiming a debt is due and payable. An account stated may carry a longer statute of limitations (time to file suit) than some other forms of debt depending on the state.


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https://payrollheaven.com/define/account-stated/
Modern Language Association (MLA):
Account Stated. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. December 03, 2020 https://payrollheaven.com/define/account-stated/.
Chicago Manual of Style (CMS):
Account Stated. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/account-stated/ (accessed: December 03, 2020).
American Psychological Association (APA):
Account Stated. PayrollHeaven.com. Retrieved December 03, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/account-stated/

Definition Sources


Definitions for Account Stated are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 26th April, 2020 | 2 Views.