ACCOUNTS Meaning and
Definition
-
Accounts, in the context of finance and business, refer to the systematic recording and documentation of financial transactions or activities of an individual, organization, or entity. It involves the process of summarizing, analyzing, and interpreting financial data to create useful information for decision-making, tax compliance, auditing, and financial reporting.
Accounts can be categorized into various types based on their purpose and nature. The most common types include:
1. Financial Accounts: These are records that document the monetary transactions and events, such as sales, purchases, revenues, and expenses.
2. Bank Accounts: These refer to accounts held with financial institutions, allowing individuals or organizations to deposit, withdraw, and transfer funds.
3. Accounting Accounts: These are individual records that track specific transactions or categories, such as accounts receivable, accounts payable, cash, inventory, and fixed assets.
4. Ledger Accounts: These are bookkeeping records that summarize and consolidate the information from various accounting accounts.
5. Accounts Payable: Outstanding debts or obligations that an entity owes to its suppliers or creditors.
6. Accounts Receivable: Outstanding amounts or claims that an entity is entitled to receive from its customers or debtors.
Accounting practices and standards, such as Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS), govern the preparation and presentation of accounts. Professionals in the field, such as accountants or bookkeepers, are responsible for ensuring accurate and timely recording and reporting of financial information to facilitate informed decision-making and business transparency.
Top Common Misspellings for ACCOUNTS *
* The statistics data for these misspellings percentages are collected from over 15,411,110 spell check sessions on www.spellchecker.net from Jan 2010 - Jun 2012.
Other Common Misspellings for ACCOUNTS
Etymology of ACCOUNTS
The word "account" has its roots in the Latin word "computare", which means "to calculate". In Late Latin, it evolved into "acomptare" or "aconter", which were verbs indicating the action of reckoning or calculating. This later led to the Old French word "acounte", referring to the reckoning or calculation of numbers. The word eventually made its way into Middle English as "account" or "acompte", which retained the meaning of a calculation or reckoning. Over time, the term expanded to encompass other meanings related to record-keeping, financial statements, and narrative descriptions.
Idioms with the word ACCOUNTS
-
according to all accounts
The idiom "according to all accounts" means based on what everyone says or what multiple sources have described or reported. It indicates that the information or story being referred to is widely accepted or corroborated.
-
square accounts
The idiom "square accounts" typically refers to settling or resolving debts or financial obligations, usually in a fair and equitable manner. It suggests ensuring that all debts are paid, transactions are balanced, and any outstanding issues regarding money are resolved.
-
cook the accounts
The idiom "cook the accounts" refers to the act of manipulating or falsifying financial records or documents to deceive others, usually for personal gain or to hide financial misconduct.
-
balance the accounts
The idiom "balance the accounts" refers to the act of ensuring that the financial records of a business or individual accurately reflect all income, expenses, assets, and liabilities. It involves reconciling and finalizing all the debits and credits in order to maintain an accurate and organized financial statement or balance sheet.
-
by/from all accounts
The idiom "by/from all accounts" means that according to what has been said or written about a particular person or situation, it is generally agreed upon or widely believed to be true. It suggests that the information or opinions received from different sources consistently support the same conclusion or understanding.
-
by all accounts
The idiom "by all accounts" refers to the general consensus or judgment based on various sources or opinions. It implies that multiple people or sources have provided similar information or opinions about a particular subject or situation.
-
cast up (one's) accounts
The idiom "cast up (one's) accounts" means to review or assess one's financial or personal situation, typically with the intention of making necessary adjustments or taking action. It involves calculating profit, loss, debts, or any other relevant factors to gain a clear understanding of one's current circumstances.
-
pad (one's)/the accounts
The idiom "pad one's/the accounts" refers to the act of dishonestly inflating or falsifying financial records or statements to create a misleading impression of one's financial situation. It typically involves adding extra funds or assets to increase the perceived value or wealth of an account. This deceptive practice is commonly done to deceive others or for personal gain.
-
settle accounts
The idiom "settle accounts" means to resolve or conclude a disagreement or dispute, typically by paying back money owed or seeking revenge for past actions. It can also refer to taking responsibility for something or rectifying a situation.
-
settle accounts with someone
The idiom "settle accounts with someone" means to confront or resolve an issue or debt with someone, typically through a direct conversation, action, or payment. It implies resolving a dispute, seeking retribution, or clearing any outstanding matters between two parties.
-
Assignment of Accounts Receivable
The idiom "Assignment of Accounts Receivable" refers to the act of transferring or assigning the rights to receive future payments from customers or clients to another party, usually a financial institution or a third-party factoring company. This arrangement allows the business or entity to obtain immediate cash flow by selling its outstanding accounts receivable at a discounted rate. It is commonly used as a form of financing or credit enhancement for businesses with significant account receivables.
-
square the accounts/books
The idiom "square the accounts/books" means to reconcile or bring the financial records into balance. It specifically refers to the process of ensuring that all the debits and credits in the accounts or books are accurately calculated and accounted for, resulting in the total balances being in agreement.
Similar spelling words for ACCOUNTS
Conjugate verb Accounts
CONDITIONAL
I
would account
we
would account
you
would account
he/she/it
would account
they
would account
FUTURE
I
will account
we
will account
you
will account
he/she/it
will account
they
will account
FUTURE PERFECT
I
will have accounted
we
will have accounted
you
will have accounted
he/she/it
will have accounted
they
will have accounted
PAST
I
accounted
we
accounted
you
accounted
he/she/it
accounted
they
accounted
PAST PERFECT
I
had accounted
we
had accounted
you
had accounted
he/she/it
had accounted
they
had accounted
PRESENT
I
account
we
account
you
account
he/she/it
accounts
they
account
PRESENT PERFECT
I
have accounted
we
have accounted
you
have accounted
he/she/it
has accounted
they
have accounted
I
am accounting
we
are accounting
you
are accounting
he/she/it
is accounting
they
are accounting
I
was accounting
we
were accounting
you
were accounting
he/she/it
was accounting
they
were accounting
I
will be accounting
we
will be accounting
you
will be accounting
he/she/it
will be accounting
they
will be accounting
I
have been accounting
we
have been accounting
you
have been accounting
he/she/it
has been accounting
they
have been accounting
I
had been accounting
we
had been accounting
you
had been accounting
he/she/it
had been accounting
they
had been accounting
I
will have been accounting
we
will have been accounting
you
will have been accounting
he/she/it
will have been accounting
they
will have been accounting
I
would have accounted
we
would have accounted
you
would have accounted
he/she/it
would have accounted
they
would have accounted
I
would be accounting
we
would be accounting
you
would be accounting
he/she/it
would be accounting
they
would be accounting
I
would have been accounting
we
would have been accounting
you
would have been accounting
he/she/it
would have been accounting
they
would have been accounting
Infographic
Add the infographic to your website:
