Definitions (5)

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

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