Open account

 

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Open account

Arrangement 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 Matches

Omnibus account

Omnibus account

An account carried by one futures commission merchant with another futures commission merchant in which the transactions of two or more persons are combined and carried in the name of the originating broker, rather than designated separately. Related: Commission house.


Uncollectible account

Uncollectible account

An account which cannot be collected by a company because the customer is not able to pay or is unwilling to pay.


Capital account

Capital account

1. (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.


Accounts receivable

Accounts receivable

Money owed by customers.


Accounting earnings

Accounting earnings

Earnings of a firm as reported on its income statement.


Further Suggestions

account payee
Cost accounting
Cash account
Special bond account
Regulatory accounting procedures (RAP)
Money market demand account (MMDA)
Capital Builder Account (CBA)
Accounting liquidity
Certified Public Accountant (CPA)
Account reconciliation
Individual Savings Account
accounts receivable
Merchant account
Account Ad Valorem Duty
account sale
Capital account
Account executive
margin account
managed account
I Impound Account
Current account
Current account surplus
Insured account
budget account
nominal account


 
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