account

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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

account

An established relationship between a user and another entity such as a computer, website or financial organization. See user account, guest account and account number.
References in periodicals archive ?
Essentially, IFRS 4 allows insurance contracts to continue to be accounted for under local GAAP methods,"as long as they can be identified as insurance contracts," said Nagari, whose London-based group is developing a "global interpretation" of IFRS, along with PwC's position on the implications of IFRS 4 for insurance contracts.
Gains and losses on derivative instruments are either offset against corresponding gains or losses of the hedged item through earnings in a fair value hedge, or accounted for in other comprehensive income for a cash flow hedge.
Further, the taxpayer must attach a statement to the Form 3115, describing all items marked to market that will no longer be accounted for under that method.
This led the Fifth Circuit to allow depreciation and ITC on the nonrecoverable cushion gas, but to require the recoverable cushion gas to be accounted for as inventory.
For an investment accounted for using the equity method, inquire of management as to whether the entity has the ability to exercise significant influence over the operating and financial policies of the investee and evaluate the attendant circumstances that serve as a basis for management's conclusions.
The proposed statement would also require that troubled debt restructurings, currently covered by FASB Statement 15, Accounting by Debtors and Creditors for Troubled Debt Restructurings, be accounted for at fair value by the creditor at the date of the restructuring.
Deals of this size frequently are accounted for as poolings and often are contingent on the acquirer receiving pooling accounting treatment.
In the FASB's view, changes in the law and in the plan should be accounted for as a gain or loss, or as a plan amendment, when they occur.
Utilities most frequently accounted for nuclear decommissioning costs (the method approximately 57% of utilities used) by recording the costs as a part of depreciation expense with a corresponding entry to accumulated depreciation.
In an effort to standardize the accounting for all derivative instruments, the standard requires recognition on the balance sheet at fair value of previously unrecognized derivative instruments, such as interest rate swaps used to hedge historical-cost-based assets and liabilities accounted for using accrual accounting, a step that many non-CPAs find inconsistent and illogical when compared to current practice.
124 requires that NPOs report equity securities with readily determinable fair values (except those accounted for under the equity method and investments in consolidated subsidiaries) and all debt securities at fair value and that the entities include realized and unrealized gains and losses in the statement of activities.
(For more details, see "FASB 115: It's Back to the Future for Market Value Accounting" JofA, Sept.93, page 49.) It requires companies to classify all securities investments that are not accounted for under the equity method into three categories: trading, available for sale or held to maturity.

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