Account Statement: In the context of banking, refers to a summary of all balances. In the context of securities, a summary of all transactions and positions (long and short) between a broker/dealer and a client. See also: Option agreement.

 

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Account Statement: In the context of banking, refers to a summary of all balances. In the context of securities, a summary of all transactions and positions (long and short) between a broker/dealer and a clien . . . View Full Definition

Account: In the context of bookkeeping, refers to the ledger pages upon which various assets, liabilities, income, and expenses are represented. In the context of investment banking, refers to the st . . . View Full Definition

Option Account: A brokerage account that is approved to hold option positions or trades.

Open Account: Arrangement whereby sales are made with no formal debt contract. The buyer signs a receipt, and the seller records the sale in the sales ledger.

Personal Accounts: These are the accounts of a business's customers and suppliers. They are usually held in the Sales and Purchase Ledgers.

Pre-Tax Account: An account in which contributions are subtracted from an employee's pay before withholding income tax and Social Security. This ultimately reduces the account-holder's tax liability, since t . . . View Full Definition

Price Change Accounting: Accounting for the value of assets, stock, raw materials etc. by their current market value instead of the more traditional Historic Cost .

Postal Account: A personal account is a building society account in which all transactions are conducted via post. In some cases a pass book is used to record deposits and withdrawals although societies are . . . View Full Definition

Omnibus Account: An account carried by one futures commission merchant with another futures commission merchant in which the transactions of two or more persons are combined and carried in the name of the or . . . View Full Definition

Nominal Accounts: Accounts that are closed to a zero balance at the end of each accounting period: temporary accounts generally appearing on the income statement.