Account in United States

Account Definition

A detailed statement of mutual demands in the nature of debt and credit between the parties, arising out of contract or some fiduciary relation. 45 Mo. 573. A written statement of pecuniary transactions. Abbott. It is to be distinguished from “balance,” which is but the conclusion or result of the account. 45 Mo. 574. Stated Account. One which has been approved by the parties, and the balance shown by it agreed to either (1) expressly, or (2) impliedly, as by retaining an account rendered without objection. Open Account. One which has not been closed or stated. Current Account. One kept open In expectation of further dealings. Book Accounts. Those evidenced by entries in books of account. Account Rendered. An account pre sented by the creditor to the debtor.

Account in Foreign Legal Encyclopedias

Link	Description
Account	Account in the World Legal Encyclopedia.
Account	Account in the European Legal Encyclopedia.
Account	Account in the Asian Legal Encyclopedia.
Account	Account in the UK Legal Encyclopedia.
Account	Account in the Australian Legal Encyclopedia.

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Browse the American Encyclopedia of Law for Account

Scan Account in the appropriate area of law:

Link	Description
Account	Account in the Family Law Portal of the American Encyclopedia of Law.
Account	Account in the IP Portal of the American Encyclopedia of Law.
Account	Account in the Commercial Law Portal of the American Encyclopedia of Law.
Account	Account in the Criminal Law Portal of the American Encyclopedia of Law.
Account	Account in the Antritrust Portal of the American Encyclopedia of Law.
Account	Account in the Bankruptcy Law Portal of the American Encyclopedia of Law.
Account	Account in the Constitutional Law Portal of the American Encyclopedia of Law.
Account	Account in the Tax Law Portal of the American Encyclopedia of Law.
Account	Account in the and Finance and Banking Portal of the American Encyclopedia of Law.
Account	Account in the Employment and Labor Portal of the American Encyclopedia of Law.
Account	Account in the Personal Injury and Tort Portal of the American Encyclopedia of Law.
Account	Account in the Environmental Law Portal of the American Encyclopedia of Law.

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Account in the Dictionaries	Account in our legal dictionaries
http://lawi.us/account	The URI of Account (more about URIs)
Account related entries	Find related entries of Account

Legal Issue for Attorneys

A detailed statement of mutual demands in the nature of debt and credit between the parties, arising out of contract or some fiduciary relation. 45 Mo. 573. A written statement of pecuniary transactions. Abbott. It is to be distinguished from “balance,” which is but the conclusion or result of the account. 45 Mo. 574. Stated Account. One which has been approved by the parties, and the balance shown by it agreed to either (1) expressly, or (2) impliedly, as by retaining an account rendered without objection. Open Account. One which has not been closed or stated. Current Account. One kept open In expectation of further dealings. Book Accounts. Those evidenced by entries in books of account. Account Rendered. An account pre sented by the creditor to the debtor.

Notice

This definition of Account is based on The Cyclopedic Law Dictionary. This entry needs to be proofread.

Account in the Federal Budget Process

Meaning of Account in the congressional and executive budget processes (GAO source): A separate financial reporting unit for budget, management, and/or accounting purposes. All budgetary transactions are recorded in accounts, but not all accounts are budgetary in nature. Some accounts do not directly affect the budget but are used purely for accounting purposes. Budget accounts are used to record all transfers within the budget, whereas other accounts (such as deposit fund, credit financing, and foreign currency accounts) are used for accounting purposes connected with funds that are nonbudgetary in nature. The Office of Management and Budget (OMB), in consultation with the Department of the Treasury (Treasury), assigns account identification codes reflecting appropriations as enacted in appropriations laws. Treasury establishes and maintains a system of accounts that provides the basic structure for the U.S. Standard General Ledger Chart of Accounts. (See also Accounts in the President’s Budget; Accounts for Purposes Other Than Budget Presentation; Credit Reform Act Accounts under Federal Credit; Standard General Ledger Chart of Accounts.)

Account