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Loan account |
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Loan 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.Similar MatchesAccounting 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. Individual savings accountIndividual savings accountA tax-favoured savings account introduced on 6th April 1999 which replaced PEPs and TESSAs. ISAs are not an investment in their own right. They are a tax-free wrapper in which you can shelter investments.People over the age of 18 living in the UK can invest a maximum of £7,000 per year in each tax year. 16 and 17 year olds can invest up to £3,000 in a mini cash ISA.Investment may be made in three components: equities, cash and life assurance. There are strict limits on how much you can put in each component, and the limits depend in part on whether you use a 'maxi ISA' or a number of mini ISAs.Until 5th April 2004 ISAs benefit from a 10% tax credit on UK equities. Stock and share investments which can be held in an ISA include unit trusts, open ended investment companies (OEICs), investment trusts, ordinary shares, preference shares and fixed interest corporate bonds.PEPs in existence at 6th April 1999 may continue to be held outside an ISA with the same tax advantages. TESSAs in existence at 6th April 1999 are allowed to run their full five year term.Income from ISA investments is tax free and you don't have to report it on your tax return. Capital gains are also exempt from CGT.ISA plans are sold by stockbrokers, IFAs, fund managers, banks and other authorised financial institutions. You can buy a plan and take advice on what to put in it, or you can have a 'self-select' ISA and make your own decisions. Account reconciliationAccount reconciliationThe reviewing and adjusting of the balance in a personal checkbook to match your bank statement. Books of accountBooks of accountThe books in which the transactions of a business are recorded. Capital accountCapital account1. (Current definition) Since sometime in the 1990s, "capital account" refers to a minor component of international transactions, involving unilateral transfers of ownership of property. The common definition, below, describes what is now called the financial account. 2. (Common definition) A country's international transactions arising from changes in holdings of real and financial capital assets (but not income on them, which is in the current account). Includes FDI, plus changes in private and official holdings of stocks, bonds, loans, bank accounts, and currencies. 3. (Bretton-Woods definition) Same as common definition except excluding official reserve transactions. This definition was used under the Bretton Woods System of pegged exchange rates, but is less meaningful under floating exchange rates. Further SuggestionsCapital account balanceMargin account (stocks) Open account Balance on current account Account Party Accounts receivable financing Mixed account Capital account deficit Unmargined account Transcript of Account Statement of Financial Accounting Standards No 8 I Impound Account nominee account Cash account real account joint account revenue account budget account Current account deficit postal account Generally Accepted Accounting Principles (GAAP) House account share account Active account Money market demand account (MMDA) |
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