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
Collins Discovery Encyclopedia, 1st edition © HarperCollins Publishers 2005

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.
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References in periodicals archive ?
* The reverse is true if the amount owed at the current year is less than the amount owed last year-the payable account is reduced (debited, if journal entries are recorded, and the change account is credited).
The consultant also found that the controller was embezzling money through the loans payable account. All the fraudulent transactions were charged to the manufacturing overhead account, mainly as fictitious tool purchases.
They'd buy their fabric on a 60-day trade account, sew the jackets, sell them on a 10-day payable account, and pay the fabric supplier.
He explains the key elements of defining and assigning an enterprise structure, then specific financial accounting business processes and transactions: master data; general ledger transactions and account inquiries; accounts payable processes and transactions; the automated payment program process; accounts payable account inquiries; accounts receivable processes, transactions, and inquiries; fixed asset processes, transactions, and posting logic; bank master data and processes; financial close processes; and integrated financial close in SAP ERP.