Investopedia

Continue to Site »

Account

Filed Under » ,
Dictionary Says

Definition of 'Account'

1. An arrangement by which an organization accepts a customer's financial assets and holds them on behalf of the customer at his or her discretion.

2. A statement summarizing the record of transactions in the form of credits, debits, accruals and adjustments that have occurred and have an affect on an asset, equity, liability or past, present or future revenue.

3. A relaying of happenings from one party to another.
Investopedia Says

Investopedia explains 'Account'

1. The Knights Templar were the first to hold assets on the behalf of others and make loans on those assets. As such the Knights Templar are credited with creating the foundations of today's banking system. Accounts were first created so that people could borrow to travel to the Holy Land, and hold and amass wealth that was often stolen during the Crusades.

2. This statement of transactions is the record of the growth and development, or shrinking and amortization of almost anything quantifiable.

3. An account is the passing on of information for the purpose of explanation.

Articles Of Interest

  1.

    What Is Money?

    It's a part of everyone's life, and we all want it, but do you know how it gains value and how it is created?

  2. Advanced Financial Statement Analysis

    Learn what it means to do your homework on a company's performance and reporting practices before investing.

  3. Financial Career Options For Professionals

    Find out if spreading your wings to try a new career will make you soar or fall flat.

  4. If I want to have some cash in a liquid account for unexpected emergencies, what is best? A savings account or another type?

    It's always a good idea to keep some money set aside in a liquid form, but it's a double-edged sword, because the more liquid your money, the less it's earning. If you never have an emergency, ...

  5. 3 Banking Moves You Should Make Before Traveling

    Putting your finances in order should be one of your top priorities before traveling out of the country.

  6. Clearing Up Tax Confusion For College Savings Accounts

    Put your kids through school without being hounded by the tax man.

  7. Besides a savings account, where is the safest place to keep my money?

    Savings accounts are safe because investors' deposits are guaranteed by the Federal Deposit Insurance Corporation (FDIC) for bank accounts or the National Credit Union Administration (NCUA) for ...

  8. Changes To Your Checking Account

    Checking accounts have evolved a lot over the years. Here are the five biggest changes that can affect your wallet.

  9. The Most Costly Banking Mistakes You Can Make

    With changing and increasing fees, it can be difficult to avoid bank charges, but investing time in finding out what your bank charges, and when, can help you save money.

  10. Why should I pay myself first?

    The concept of "paying yourself first" is one of the pillars of personal finance and considered the golden rule by many financial planners. The basic idea is simple to understand. As soon as ...
comments powered by Disqus
Marketplace
Hot Definitions

  1. Fool In The Shower

    The notion that changes or policies designed to alter the course of the economy should be done slowly, rather than all at once.

  2. Pattern Day Trader

    An SEC designation for traders who trade the same security four or more times per day (buys and sells) over a five-day period, and for whom same-day trades make up at least 6% of their activity for that period.

  3. Cost-Push Inflation

    A phenomenon in which the general price levels rise (inflation) due to increases in the cost of wages and raw materials.

  4. Happiness Economics

    The formal academic study of the relationship between individual satisfaction and economic issues, such as employment and wealth.

  5. Affluenza

    A social condition arising from the desire to be more wealthy, successful or to "keep up with the Joneses." Affluenza is symptomatic of a culture that holds up financial success as one of the highest achievements.

  6. Icarus Factor

    The term Icarus factor describes a situation where managers or executives initiate an overly ambitious project which then fails. Fueled by excitement for the project, the executives are unable to reign in their misguided enthusiasm before it is too late to avoid the failure.
Trading Center