Account

Business, Legal & Accounting Glossary

Definition: Account




What is the dictionary definition of Account?

Dictionary Definition


A written list of transactions, noting money owed and money paid; a detailed statement of mutual demands arising out of a contract or a fiduciary relationship.


Full Definition of Account


In accountancy, an account is a label used for recording and reporting a quantity of almost anything. Most often it is a record of an amount of money owned or owed by or to a particular person or entity, or allocated to a particular purpose. It may represent amounts of money that have actually changed hands, or it may represent an estimate of the values of assets, or it may be a combination of these.

An account can simply list payments, losses, sales, debits, credits, and other monetary transactions, or it may go further and show a balance or the results of comparing opposite transactions, like purchases and sales. Businesspersons keep accounts; attorneys may keep escrow accounts; and executors must keep accounts that record transactions in administering an estate.

Types Of Accounts

Account represents financial and non-financial transactions of a firm, to know the total outcome of the investment made by investors.


Cite Term


To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
https://payrollheaven.com/define/account/
Modern Language Association (MLA):
Account. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. October 17, 2021 https://payrollheaven.com/define/account/.
Chicago Manual of Style (CMS):
Account. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/account/ (accessed: October 17, 2021).
American Psychological Association (APA):
Account. PayrollHeaven.com. Retrieved October 17, 2021, from PayrollHeaven.com website: https://payrollheaven.com/define/account/

Definition Sources


Definitions for Account 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: 9th October, 2021 | 19 Views.