account

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account,

n a basic storage unit in an accounting system. Individual accounts accept debit and credit entries that reflect the different types of transactions made by the practice.
account book,
n a book in which the financial transactions of a business or profession are entered. Such books may be admitted as evidence.
account, open,
n a straightforward arrangement between the dental provider and the patient for the handling of financial payments due the dental provider and owed by the patient.
account, payable,
n a dollar amount owed to creditors for items or services purchased from them.
References in periodicals archive ?
1976), the taxpayer accounted for most of its charge accounts on the installment method, but used the less favorable accrual method for one type of charge account that the IRS did not think properly fit the definition of "installment sale.
ACQUIRING COMPANIES PAY A HIGHER PREMIUM to pool, on average, than to complete a deal that is accounted for as a purchase.
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.
Accordingly, these leases should be accounted for as capital leases.
This also is true for utilities that accounted for nuclear decommissioning costs exclusively as a liability.
NPOs also must disclose gains and losses realized for investments not accounted for using fair value (unmarketable equity securities).

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