a record of a business transaction. When you buy something on credit, the company you are dealing with sets up an "account". This means it sets up a record of what you buy and what you pay. You will do the same thing with any customers to whom you extend credit. Glossary of Business Terms
In the context of bookkeeping, refers to the ledger pages upon which various assets, liabilities ( liability), income, and expenses are represented. Bloomberg Financial Dictionary
In the context of investment banking ( investment bank), refers to the status of securities sold and owned or the relationship between parties to an underwriting syndicate. Bloomberg Financial Dictionary
In the context of securities, the relationship between a client and a broker-dealer firm allowing the firm's employee to be the client's buying and selling agent. Bloomberg Financial Dictionary
See: account executive; account statement. Bloomberg Financial Dictionary

* * *

I. account ac‧count 1 [əˈkaʊnt] noun
1. [countable] written abbreviation a/​c or acct BANKING an arrangement between a bank and a customer that allows the customer to pay in and take out money; bank account:

• She used her first pay check to open an account (= to start one ) .

• 80% of people have held an account (= had one ) with the same bank for five years or more.

• They were unhappy with service at the bank and closed their account there.

— see also money of account, unit of account, statement of account
2. no account BANKING words written on a cheque to show that the account to which it relates has been closed
3. [countable] ACCOUNTING a record showing a particular part of the finances of a business
4. accounts [plural] ACCOUNTING the complete set of records showing money coming into and going out of a business, its profits, and its financial situation:

• The new accounts contain more bad news for shareholders.

— see also books of account
5. accounts [plural] ACCOUNTING the department of a company that deals with its accounts:

• She works in accounts.

6. COMMERCE MARKETING [countable] an arrangement between a buyer and a seller for payment to be made some time after the buyer receives the goods or services:

• No interest is charged provided the account is settled (= the money owed is paid ) in full every month.

• All clients are sent a monthly account statement (= list of goods or services bought and money owed ) .

7. on account COMMERCE paid as part of the total amount that needs to be paid:

• We'll pay you half of your fee on account.

8. on account COMMERCE to be paid for later:

• Most of this equipment was bought on account.

9. [countable] ORGANIZATIONS COMMERCE an organization that is a regular client of a company, especially an advertising agency:

• The agency won several major accounts this year.

• He's always on the road calling on key accounts (= important clients ) .

abˌbreviated acˈcounts [plural] FINANCE
accounts that contain less detail than normal accounts, used by small companies for their official records:

• Small companies can submit abbreviated accounts to Companies House.

adˈjustment acˌcount also control account [countable] ACCOUNTING
a record of money spent and received, kept to check that no mistakes have been made in the official set of accounts kept in a ledger
ˌannual acˈcounts [plural] FINANCE
the complete set of accounts produced by a business every year showing the results of trading during the year and the financial state of the company:

• The football club's annual accounts showed a loss last year of £1.8 million.

appropriˈation acˌcount
1. [countable] FINANCE an account showing how a company's profits have been used, for example to re-invest in the company or to pay out to shareholders
2. [countable] in Britain, money that parliament has voted to use for a particular purpose
apˌproved acˈcounts [plural] FINANCE
accounts that have been formally accepted by a company's directors:

• If the approved accounts do not comply with the law, every director who was a party to their approval is guilty of an offence.

ˌaudited acˈcounts [plural] FINANCE
accounts that have been checked and approved by auditor S (= outside specialists):

• The company expects to report its unaudited annual results in September and audited accounts in October.

ˌbalance of ˌpayments ˈcapital acˌcount [singular] ECONOMICS
movements of money into and out of a country relating to investment and other exchanges of capital:

• The US balance of payments capital account situation undermined confidence in the dollar.

ˌbalance of ˌpayments ˈcurrent acˌcount [singular] ECONOMICS
movements of money into and out of a country, relating to trade between private individuals, for example workers sending money to their families in another country
ˈbank acˌcount [countable] BANKING
an account that a customer has with a bank:

• Anyone can go into a bank and open a bank account.

ˈblocked acˌcount [countable] BANKING
a bank account from which money cannot be taken out while a particular situation continues:

• Payments due on the oil were made into a blocked account.

ˈcall acˌcount , ˌcall deˈposit acˌcount BANKING [countable] BrE
a bank account that pays a higher rate of interest than an ordinary account. You have to ask the bank a short time before if you want to take money out
ˈcash acˌcount
1. [countable] ACCOUNTING in a set of accounts, the account that records details of all amounts paid or received in cash
2. [countable] ACCOUNTING in arrangements for payment by customers, an account that is settled quickly in cash, rather than one which is paid later or in several payments
3. BANKING [countable] another name for a checking account, cheque account, or current account
ˌcash ˈmanagement acˌcount abbreviation CMA [countable] BANKING
a personal bank account offered by a broker:

• Its cash management account combines a securities account with check-writing and credit-card facilities.

ˈcharge acˌcount [countable] COMMERCE
an account you have with a shop or a supplier that allows you to pay for goods at the end of a particular period of time in the future rather than when you buy them; = credit account Bre:

• We have a charge account with a limousine service.

ˈcheque acˌcount , ˈchecking acˌcount also current account [countable] BANKING
an account that allows the customer to use a chequebook and provides services such as bill payments:

• It's better to transfer large amounts of money out of your cheque account.

ˈclient acˌcount [countable]
BANKING a bank account operated by a professional person or organization for one of their clients:

• Client money should be paid into a client account without delay.

ˈclub acˌcount [countable] BANKING
a type of savings account
ˈclub acˌcounts [plural] ACCOUNTING
in Britain, accounting systems for organizations such as clubs and associations which do not operate to make a profit
ˈcompany acˌcounts [plural] ACCOUNTING
financial information that a company is required to produce at the end of every year, including details of its profits or losses
conˈsignment acˌcount [countable] COMMERCE
an account made for goods sent to someone acting on behalf of the owner, who must either sell them or return them to the owner
conˈsolidated acˌcounts [plural]
FINANCE ACCOUNTING accounts showing the combined trading results and financial position of a group of companies:

• The net assets of companies acquired are incorporated in the consolidated accounts.

ˈcontra acˌcount [countable]
ACCOUNTING an account which is Credited or Debited against another account
ˌcontra-ˈasset acˌcount [countable]
ACCOUNTING an account to record the depreciation (= loss in value) of assets
conˈtrol acˌcount ACCOUNTING
another name for adjustment account
ˈcredit acˌcount written abbreviation C/​A [countable]
an arrangement with a shop that allows customers to buy goods up to a certain value every month and pay for them later within an agreed time; = CHARGE ACCOUNT AmE:

• My parents had a credit account at the city's major department store which they kept up to date every month.

ˈcurrent acˌcount [countable]
BANKING another name for cheque account:

• Your clearing bank will be able to transfer cash directly to and from your current account.

cusˈtodial acˌcount [countable]
BANKING a bank account that parents open for a child who is legally too young to control the account
ˈdebit acˌcount [countable]
COMMERCE an account with a store or business which allows a buyer to pay for goods or services with money that is already in their account or to pay later, within an agreed time
deˈmand acˌcount [countable]
BANKING a bank account that you can take money out of without having to warn the bank in advance; = instant access account Bre:

• There is no minimum balance on our demand account.

deˈposit acˌcount [countable]
BANKING a bank account that pays interest, often used for saving money not needed immediately:

• Before the stock market existed here, the only way for people to manage their money was to put it in a deposit account.

depreciˈation acˌcount [countable]
ACCOUNTING a business account in which the amount of depreciation on a fixed asset is entered in the debit side and then also added to the account as a credit, allowing the asset's value to be reduced by the correct amount each year
disˈcretionary acˌcount [countable]
FINANCE an arrangement between an investor and a broker (= company that buys and sells shares, bonds etc for other people ) giving the broker the authority to choose the time and price at which to buy and sell shares etc for the investor
ˈdormant acˌcount [countable] BANKING
a bank account that is still open but not being used:

• Dormant bank accounts are often those that are forgotten when someone dies.

ˈdrawing acˌcount [countable]
ACCOUNTING a company account from which partners or owners can take money for their own purposes:

• An owner withdraws his or her share of the company's profits through the drawing account.

ˈemail acˌcount [countable]
COMPUTING an arrangement that you have with a company allowing you to send and receive email:

• All the students have an email account set up on the Network and Academic Computing Services Mailbox, based on their UCInetID.

enterˈtainment acˌcount [countable] ACCOUNTING MARKETING
the account in a company's set of accounts to which all entertainment costs are charged:

• Profit comes from slim-line companies and bosses who keep a slim-line entertainment account.

ˈescrow acˌcount [countable]
BANKING a special account for money being held in escrow (= by a third party while a deal is completed):

• Prospective borrowers generally avoid paying advance loan fees; if they do pay any, the money should be put into an escrow account with a third party until the loan is funded.

Exˌchange equaliˈzation acˌcount also Exchange equalisation account [singular]
ECONOMICS an account at the Bank of England that is used by the British government to influence the price of the British pound by buying and selling gold and foreign currencies:

• The Bank uses the Exchange Equalization Account to intervene in the foreign exchange market by buying up surplus sterling to keep up the external value of the pound.

exˈpense acˌcount [countable] ACCOUNTING
a company account that an employee can use for money that they have to spend as part of their job, for example on hotels, meals etc:

• I have an expense account and spend about £20,000 a year on entertaining clients.

exˈternal acˌcount [countable]

• The country has export- and investment-led growth that will not lead to a worsening in the external account.

ˈfinal acˌcounts [plural]
FINANCE accounts showing the trading results and financial position of a company at the end of its financial year:

• Only the final accounts are fully reviewed by external auditors.

ˌforeign ˈcurrency acˌcount [countable]
BANKING a bank account held in one country, containing money in the currency of another:

• The removal of controls will allow individuals to invest money overseas or in a foreign currency account.

ˈgroup acˌcounts [plural]
FINANCE accounts showing the trading results and financial position of each company in a group individually or in combined form
inˈactive acˌcount
1. [countable] FINANCE a collection of shares or other investments in which the shareholder does not invest any more money, but does not wish to sell:

• Every major Wall Street broker now imposes an inactive account fee on investors who don't generate enough commissions.

2. [countable] a bank account which has not been used for a long time
ˌincome and exˈpenditure acˌcount [countable]
FINANCE a record showing the amounts of money coming into and going out of an organization, during a particular period of time. In British companies, this is usually called the profit and loss account; in US companies, it is called the income statement:

• The Society's Income and Expenditure Account for the year ended 31 December shows a surplus of £3.7 million.

ˌindividual reˈtirement acˌcount abbreviation IRA [countable]
HUMAN RESOURCES in the US, a savings account for a worker whose employer does not offer a retirement. The worker usually puts a specific amount of money into the account at regular times in order to save money for when they stop work:

• Some firms allow you to borrow from your Individual Retirement Account without penalty provided you return the money within 60 days.

ˌinstant ˈaccess acˌcount [countable] BANKING
a bank account that you can take money out of without having to warn the bank in advance; = demand account AmE:

• These savings accounts pay twice as much interest as many ordinary instant access accounts.

ˈinterim acˌcounts [plural] ACCOUNTING FINANCE
accounts prepared during the financial year to show a company's current progress and financial position:

• Detailed interim accounts are prepared at monthly intervals.

ˈjoint acˌcount [countable] BANKING
a bank account that two people can use, for example two people who are married:

• We have a joint account for paying bills.

ˈloro acˌcount [countable]
BANKING an account held by a bank with another bank, usually one in a foreign country
ˈmargin acˌcount [countable]
FINANCE money lent by a broker (= a buyer and seller of shares etc for others) so that investors can buy shares and other investments with it:

• Some alleged that brokers encouraged unsuitable investors to use margin accounts.

ˈmerchant acˌcount [countable] BANKING COMMERCE
a bank account which makes a business able to accept payments by credit card:

• Retailers can obtain a merchant account in minutes and begin conducting business online.

ˈnominal acˌcounts [plural]
ACCOUNTING a company's accounts showing all revenue S (= money received over a period of time) and expenses — compare real accounts
ˈnostro acˌcount [countable]
BANKING a bank account that belongs to one bank and which is held by another bank in another country. The phrase nostro account is used by the bank which owns the account, rather than the bank which holds it — compare vostro account
ˈnotice acˌcount [countable]
BANKING a bank account that you can take money out of only if you warn the bank a certain number of days before. If you do not give this warning, you lose interest on the money in the account:

• The bank is offering 4.5% interest on its 90-day notice account.

ˈNOW acˌcount [countable]
BANKING negotiable order of withdrawal account; a type of current account in the US that pays interest:

• NOW account customers tend to maintain high balances.

ˌnumbered acˈcount [countable]
BANKING a bank account with only a number, so the name of the customer is kept secret:

• The money was transferred to a numbered account in the Cayman Islands.

ˈpostal acˌcount [countable] BANKING
a bank account that you can pay into and take money out of by post, rather than at a bank
ˌprofit and ˈloss acˌcount abbreviation P&L [countable]
ACCOUNTING FINANCE a financial statement showing the financial results of a company's normal activities for a particular period of time, usually the financial year; = income statement AmE:

• The company will charge redundancy costs of about £3 million to the profit and loss account.

ˌpublic acˈcount [countable]
BANKING a bank account where public money is kept by tax authorities, government departments etc
ˈpurchases acˌcount [countable]
ACCOUNTING the account in the purchase ledger where totals of entries in the purchases book are entered on the debit side:

• Total returns outwards are deducted from the purchases account.

ˈreal acˌcounts [plural]
ACCOUNTING company accounts relating to the buying and selling of assets such as property and equipment — compare nominal accounts
ˈsales acˌcount [countable]
ACCOUNTING an account in which totals from the sales day book are added as credits every month, year etc
ˌsales reˈturns acˌcount [countable]
ACCOUNTING an account in which totals from the sales day book are added as debits every month, year etc
ˈsavings acˌcount [countable]
ACCOUNTING a bank account for saving money over a long period of time, usually with higher interest than an ordinary deposit account:

• Most savings accounts pay higher interest on larger balances.

ˈsundries acˌcount [countable]
ACCOUNTING an account in a sales ledger or purchase ledger for recording things bought or sold from companies who are not regular customers or suppliers and who therefore do not need their own separate accounts
susˈpense acˌcount
[countable] BANKING a bank account used to keep income for a short time until it has been decided how to deal with it:

• More than $1 million remains in suspense accounts awaiting processing.

ˈvostro acˌcount [countable]
BANKING a bank account that belongs to one bank and which is held by another bank in another country. The phrase vostro account is used by the bank which holds the account, rather than the bank which owns it — compare nostro account
  [m0] II. account account 2 verb
account for something phrasal verb [transitive]
1. to be a particular amount or part of something:

• Own-label products now account for more than 20% of sales in some European supermarkets.

2. ACCOUNTING to show something in a company's accounts in a particular way:

• In financial statements, the bonds should be accounted for as debt.

* * *

account UK US /əˈkaʊnt/ noun [C]
(also bank account, WRITTEN ABBREVIATION a/c, also acct.) BANKING an arrangement with a bank in which the customer puts in and takes out money and the bank keeps a record of it: close/open an account »

When she starts school we're opening an account in her name and we'll put money into it each year.

deposit/pay money into an account »

Anna could deposit her savings into an account offering more interest.

an account with sth »

She applied for the card soon after opening an account with the bank.

joint/separate account »

It's better to have separate accounts and feed money into a joint account for shared bills.


a checking/cheque/current account

business/personal account »

Each month I transfer money from my business account to my personal account.


a deposit/savings account

also UK credit account, also US charge account) FINANCE an agreement with a store or company that allows you to buy things and pay for them later: open an account with sth »

If you open an account with the store you save 10%.

charge sth to an account »

Jenny got the bill and said she'd charge it to the company account.

ACCOUNTING a record of money received, spent, or owed: »

An account of travel expenses incurred by an employee must be submitted for reimbursement together with receipts.

MARKETING a customer who does business regularly with a company: lose/win an account »

The company has won a batch of high-profile advertising accounts

IT an agreement with a company that allows you to use the internet and email, and gives you space on the internet to put your documents: »

Some people have a specific service in mind, whether it's an account with free Web space or the ability to develop an electronic commerce site online.

on account — Cf. on account
See also ADJUSTMENT ACCOUNT(Cf. ↑adjustment account), APPROPRIATION ACCOUNT(Cf. ↑appropriation account), BALANCE OF PAYMENTS CAPITAL ACCOUNT(Cf. ↑balance of payments capital account), BALANCE OF PAYMENTS CURRENT ACCOUNT(Cf. ↑balance of payments current account), BANK ACCOUNT(Cf. ↑bank account), CALL ACCOUNT(Cf. ↑call account), CASH ACCOUNT(Cf. ↑cash account), CASH MANAGEMENT ACCOUNT(Cf. ↑cash management account), CHARGE ACCOUNT(Cf. ↑charge account), CLIENT ACCOUNT(Cf. ↑client account), CLUB ACCOUNT(Cf. ↑club account), CONSIGNMENT ACCOUNT(Cf. ↑consignment account), CONTRA ACCOUNT(Cf. ↑contra account), CONTROL ACCOUNT(Cf. ↑control account), CREDIT ACCOUNT(Cf. ↑credit account), CURRENT ACCOUNT(Cf. ↑current account), CUSTODIAL ACCOUNT(Cf. ↑custodial account), DEBIT ACCOUNT(Cf. ↑debit account), DEMAND ACCOUNT(Cf. ↑demand account), DEPOSIT ACCOUNT(Cf. ↑deposit account), DEPRECIATION ACCOUNT(Cf. ↑depreciation account), DISCRETIONARY ACCOUNT(Cf. ↑discretionary account), DORMANT ACCOUNT(Cf. ↑dormant account), DRAWING ACCOUNT(Cf. ↑drawing account), EMAIL ACCOUNT(Cf. ↑email account), ENTERTAINMENT ACCOUNT(Cf. ↑entertainment account), EXCHANGE EQUALIZATION ACCOUNT(Cf. ↑Exchange Equalization Account), EXPENSE ACCOUNT(Cf. ↑expense account), EXTERNAL ACCOUNT(Cf. ↑external account), FOREIGN CURRENCY ACCOUNT(Cf. ↑foreign currency account), INACTIVE ACCOUNT(Cf. ↑inactive account), INCOME AND EXPENDITURE ACCOUNT(Cf. ↑income and expenditure account), INDIVIDUAL RETIREMENT ACCOUNT(Cf. ↑individual retirement account), INSTANT ACCESS ACCOUNT(Cf. ↑instant access account), JOINT ACCOUNT(Cf. ↑joint account), LORO ACCOUNT(Cf. ↑loro account), MARGIN ACCOUNT(Cf. ↑margin account), MERCHANT ACCOUNT(Cf. ↑merchant account), NOSTRO ACCOUNT(Cf. ↑nostro account), NOTICE ACCOUNT(Cf. ↑notice account), NOW ACCOUNT(Cf. ↑NOW account), NUMBERED ACCOUNT(Cf. ↑numbered account), POSTAL ACCOUNT(Cf. ↑postal account), PROFIT-AND-LOSS ACCOUNT(Cf. ↑profit-and-loss account), PUBLIC ACCOUNT(Cf. ↑public account), PURCHASES ACCOUNT(Cf. ↑purchases account), SALES ACCOUNT(Cf. ↑sales account), SALES RETURNS ACCOUNT(Cf. ↑sales returns account), SAVINGS ACCOUNT(Cf. ↑savings account), SUNDRIES ACCOUNT(Cf. ↑sundries account), SUSPENSE ACCOUNT(Cf. ↑suspense account), TRUST ACCOUNT(Cf. ↑trust account), VOSTRO ACCOUNT(Cf. ↑vostro account)

Financial and business terms. 2012.

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