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Open account |
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Open accountArrangement whereby sales are made with no formal debt contract. The buyer signs a receipt, and the seller records the sale in the sales ledger.Open account Similar MatchesAccount balanceAccount balanceCredits minus debits at the end of a reporting period. Statement of Financial Accounting Standards No 8Statement of Financial Accounting Standards No 8The is a currency translation standard once used by U.S. accounting firms. See: Statement of Accounting Standards No. 52. Loan accountLoan accountAn account, opened for a customer by a bank, following the granting of a loan. The amount of the loan is credited to the customer's current account and similarly debited to the loan account. An arrangement is subsequently made for the customer to repay the loan, usually over a stated period of time, with interest additionally being paid on the outstanding amount. Accounting reference dateAccounting reference dateThe date to which accounts are made up for a company. When a company is incorporated, it will usually have an accounting reference date which is the last day of the month in which the anniversary of its incorporation falls. Directors can change the accounting reference date by filing an appropriate form with the Registrar of Companies. Average accounting returnAverage accounting returnThe average project earnings after taxes and depreciation divided by the average book value of the investment during its life. Further SuggestionsIndividual Retirement Account (IRA)individual savings account Capital account balance Joint account Managed account Accounting insolvency Cumulative Translation Adjustment (CTA) account Account Party Uncollectible account homeowners equity account Account reconciliation Current account balance Balance on current account Special bond account Concentration account Margin account (stocks) current account Escrow account Unit of account Certified Public Accountant (CPA) Accounts payable accounts receivable Account executive Accounts receivable individual retirement account |
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