account(s)
account(s)A statement about activities over some period. Accountability is the obligation to produce such a statement: the directors of companies are accountable to their shareholders, and in the UK ministers are accountable to Parliament for the activities of their departments. Accounts take various forms:
A statement of the relations between two parties: a bank account records the deposits, borrowing, and withdrawals of a customer. Firms keep accounts of the goods and services provided to customers: goods provided on account are supplied on credit, and an account rendered is a demand for payment for goods and services supplied.
A systematic summary in money terms of the activities of a business over some period, usually a year. The two main statements in such accounts are the profit-and-loss account and the balance-sheet. A profit-and-loss account shows...
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