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account
(redirected from open account)

   Also found in: Dictionary/thesaurus, Medical, Legal, Financial, Wikipedia, Hutchinson 0.03 sec.

account

See user account, guest account and account number.


account
1. 
a. a regular client or customer, esp a firm that purchases commodities on credit
b. an area of business assigned to another
2. on account
a. on credit
b. as partial payment
3. settle or square accounts with to pay or receive a balance due


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Specifically, two brothers owned 50% and 49% of an S corporation and lent it money on an open account.
The taxpayers argued that all the advances were a single, open account measured at yearend.
These may include inventory financing, open account financing, extended billing on display merchandise, asset-based loans and enlarged and dedicated credit lines to meet seasonal marketing needs.
 
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