account

account definition - business

account

  1. A contractual relationship between two parties. For example, an individual may have an account with a bank or brokerage firm.
  2. The record of a firm's or person's transactions and balances. Also called account statement.
  3. In accounting, a record of transactions related to segments of an income statement and balance sheet including income, expenses, assets, liabilities, and stockholders' equity.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

Comments
Improve this definition.
Do you have more to add? Share your linguistic knowledge or observation.
/Register to save your comments.