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 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.
1. The amount of money in a financial repository, such as a checking ...
An accounting entry that represents an entity's obligation to ...
A transactional deposit account held at a financial institution ...
An account to which no withdrawals or purchases can be charged. ...
A brokerage account in which the broker lends the customer cash ...
The account that a correspondent bank, usually located in the ...