account

Definition 1

Accounting: Chronological record of changes in the value of an entity's assets, liabilities, and the owners' equity; each of which is represented by a separate page in the ledger. See also accounting equation and accounts.

Definition 2

Banking: Continuing financial relationship between a bank and a customer, in which deposits and debts are held and processed within a framework of established rules and procedures.

Definition 3

Commerce: On-going contractual relationship between a buyer and seller whereby payment for goods received is made at a later time (usually 30 days). See also charge account and open account.

Definition 4

Law: Obligation of each party to a contract or partnership to account to other(s) for amounts received or due.

Definition 5

Services: Client of an advertising, brokerage, consulting, marketing, or public relations firm.