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Personal Accounts

   Also found in: Financial, Wikipedia 0.01 sec.
Personal Accounts 

(bookkeeping), accounts included in analytic cost records and designed for settling with organizations and individuals. Personal accounts are opened by the bookkeeping department of an enterprise (organization or institution) for every legal or physical person with which it has particular types of settlements. All information on the condition and change in settlements is entered in the personal accounts. For example, the personal account of a production or office worker for keeping track of wage settlements includes information on wages computed for the worker, retentions and deductions made from this amount, and the total which is to be turned over to him. Personal accounts differ in form, reflecting the type of settlement (wages, offsetting of mutual demands, and the like) and accounting techniques (manual or mechanized).



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Unfortunately this did not work so the Government is now using a more focused approach to encourage these individuals to take their Personal Accounts The answer provided by the Government is to introduce Personal Accounts.
Byline: Jon Griffin FOUR out of ten small firms are considering closing their existing pension scheme when the Government's new personal accounts are introduced in 2012, research showed today.
Madoff, it said, "compensated Jaffe with outsized returns in Jaffe's personal accounts that he knew, or was reckless in not knowing, were manufactured by BMIS employees entering fictitious, backdated trades onto trade confirmations and account statements for his personal accounts at BMIS.
 
 
 
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