ACCOUNT STATEMENT Meaning and
Definition
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An account statement refers to a comprehensive and detailed summary of financial transactions and activities of an individual, organization, or entity within a specific period. It provides an overview of the financial position, including income and expenses, of the account holder during the specified time frame.
Typically issued by financial institutions like banks, credit card companies, investment firms, or other service providers, an account statement serves as a record of monetary transactions and is an important document for financial management and tracking. It helps individuals or organizations monitor their finances, review their account balances, identify any discrepancies, and reconcile their records.
An account statement typically includes various components, such as the account holder's personal information, account number, report date, and the beginning and ending balance for the given period. It also lists all the credits and debits, including deposits, withdrawals, purchases, interest earned or charged, fees assessed, and any adjustments made to the account. Additionally, an account statement may specify the date, description, and amount of each transaction and may categorize them into various sections for ease of reference and analysis.
Account statements are usually generated monthly or periodically, depending on the financial institution and the type of account. They can be received as physical copies sent by mail or as electronic statements accessible through online banking systems or email. Account statements are essential for monitoring financial health, preparing budgets, and ensuring accuracy in recordkeeping and financial planning.
Common Misspellings for ACCOUNT STATEMENT
- zccount statement
- sccount statement
- wccount statement
- qccount statement
- axcount statement
- avcount statement
- afcount statement
- adcount statement
- acxount statement
- acvount statement
- acfount statement
- acdount statement
- acciunt statement
- acckunt statement
- acclunt statement
- accpunt statement
- acc0unt statement
- acc9unt statement
- accoynt statement
Etymology of ACCOUNT STATEMENT
The word "account statement" originates from the combination of two words: "account" and "statement".
1. "Account":
The word "account" comes from the Old French word "acounte" or "acompte", which means "reckoning" or "counting". It can be traced back to the Latin word "computare", which means "to count" or "calculate".
2. "Statement":
The word "statement" comes from the Latin word "statio", which means "a standing" or "position". It later developed into the Old French word "estat", meaning "state" or "position". Eventually, it evolved into the Middle English word "statement", referring to a formal declaration or presentation of facts.
Therefore, when combined, "account statement" refers to a formal presentation or declaration of the state or position of one's financial account, reflecting the counting and calculation of its transactions.
Similar spelling words for ACCOUNT STATEMENT
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