Accounts definition: Copy, customize and use instantly
Introduction
The term "Accounts" refers to various types of financial records or statements that document transactions, balances, and other essential information related to financial activities. These can include general ledgers, bank statements, or specific accounts tied to a particular entity, asset, or liability. The concept is central in understanding financial management, reporting, and compliance.
Below are various examples of how "Accounts" can be defined in different contexts. Copy the one that fits your needs, customize it, and use it in your contract.
Definition of "Accounts" as financial records
This definition focuses on "Accounts" as records documenting financial transactions.
"Accounts" means the financial records of an entity, detailing all transactions, balances, and financial activities over a specified period.
Definition of "Accounts" as general ledgers
This definition ties "Accounts" to a company’s general ledger.
"Accounts" refers to the general ledger used by an organization to track its financial transactions, ensuring accurate financial reporting.
Definition of "Accounts" as bank accounts
This definition connects "Accounts" to specific bank accounts.
"Accounts" means any type of bank account, including checking, savings, or investment accounts, held by an individual or entity.
Definition of "Accounts" as payable and receivable
This definition links "Accounts" to accounts payable and accounts receivable.
"Accounts" refers to accounts payable and accounts receivable, reflecting amounts owed to or by a company.
Definition of "Accounts" as a record of transactions
This definition relates "Accounts" to the recording of transactions.
"Accounts" means the record-keeping system used to track individual financial transactions over time.
Definition of "Accounts" as corporate financial statements
This definition ties "Accounts" to financial statements for corporations.
"Accounts" refers to the formal financial statements produced by a corporation, including income statements, balance sheets, and cash flow statements.
Definition of "Accounts" as auditing records
This definition connects "Accounts" to auditing processes.
"Accounts" means records and documentation reviewed by auditors to ensure financial accuracy and compliance.
Definition of "Accounts" as capital accounts
This definition ties "Accounts" to capital accounts in a business structure.
"Accounts" refers to the capital accounts of owners or shareholders within a partnership, LLC, or corporation.
Definition of "Accounts" as credit accounts
This definition links "Accounts" to credit relationships.
"Accounts" means any account opened with a financial institution for the purpose of obtaining credit.
Definition of "Accounts" as ledger balances
This definition ties "Accounts" to balances maintained in a ledger.
"Accounts" refers to the balances maintained in ledgers, reflecting assets, liabilities, income, and expenses.
Definition of "Accounts" as individual accounts
This definition connects "Accounts" to personal accounts held by individuals.
"Accounts" means the personal accounts maintained by individuals with a financial institution, reflecting their savings, investments, or loan activities.
Definition of "Accounts" as trust accounts
This definition ties "Accounts" to funds held in trust.
"Accounts" refers to the trust accounts established to hold assets for the benefit of another party, typically managed by a trustee.
Definition of "Accounts" as taxation records
This definition connects "Accounts" to taxation and tax reporting.
"Accounts" means records of transactions used to determine tax liabilities, including income, expenses, and applicable deductions.
Definition of "Accounts" as pension fund records
This definition links "Accounts" to pension or retirement funds.
"Accounts" refers to pension fund records, detailing the contributions, distributions, and balances for retirement planning purposes.
Definition of "Accounts" as shareholder accounts
This definition ties "Accounts" to shareholder ownership.
"Accounts" means shareholder accounts, which track ownership interests in a corporation or partnership.
Definition of "Accounts" as loan accounts
This definition connects "Accounts" to loan management.
"Accounts" refers to loan accounts, detailing the terms, balances, payments, and interest related to loans made to individuals or businesses.
Definition of "Accounts" as investment accounts
This definition links "Accounts" to investment-related records.
"Accounts" refers to investment accounts held by individuals or institutions to track stock, bond, or other investment activities.
Definition of "Accounts" as expense accounts
This definition ties "Accounts" to tracking business expenses.
"Accounts" means expense accounts used to record all business-related expenditures, such as operational or administrative costs.
Definition of "Accounts" as credit card accounts
This definition connects "Accounts" to credit card statements.
"Accounts" refers to credit card accounts that track balances, credit limits, and payment schedules for cardholders.
Definition of "Accounts" as savings accounts
This definition links "Accounts" to savings deposits.
"Accounts" means savings accounts held by individuals or organizations to accumulate interest on deposited funds.
Definition of "Accounts" as virtual accounts
This definition ties "Accounts" to virtual financial systems.
"Accounts" refers to virtual accounts used in digital payment systems to store and manage electronic funds.
Definition of "Accounts" as profit-sharing accounts
This definition connects "Accounts" to profit-sharing arrangements.
"Accounts" refers to profit-sharing accounts, used to allocate a portion of company profits to employees or stakeholders.
Definition of "Accounts" as tax-deferred accounts
This definition links "Accounts" to tax-deferred investment vehicles.
"Accounts" means tax-deferred accounts such as IRAs or 401(k)s, allowing individuals to defer taxes on investment gains until withdrawal.
Definition of "Accounts" as escrow accounts
This definition ties "Accounts" to escrow services.
"Accounts" refers to escrow accounts, where funds are held by a third party until certain conditions of a contract are met.
Definition of "Accounts" as merchant accounts
This definition connects "Accounts" to merchants accepting payments.
"Accounts" refers to merchant accounts used by businesses to process and manage payment transactions from customers.
Definition of "Accounts" as joint accounts
This definition links "Accounts" to joint financial accounts.
"Accounts" means joint accounts held by two or more individuals, typically for shared financial purposes.
Definition of "Accounts" as bank reconciliations
This definition ties "Accounts" to the reconciliation process.
"Accounts" refers to the reconciliations of bank accounts with internal financial records to ensure consistency and accuracy.
Definition of "Accounts" as ledger entries
This definition connects "Accounts" to entries in a general ledger.
"Accounts" refers to the individual entries made into a general ledger, documenting each financial transaction.
Definition of "Accounts" as payable ledger
This definition ties "Accounts" to accounts payable records.
"Accounts" refers to accounts payable ledgers, tracking amounts owed by an organization to creditors.
Definition of "Accounts" as receivable ledger
This definition links "Accounts" to accounts receivable records.
"Accounts" refers to accounts receivable ledgers, tracking amounts owed to an organization by customers or clients.
Definition of "Accounts" as cash flow accounts
This definition connects "Accounts" to tracking cash inflows and outflows.
"Accounts" refers to accounts used to track cash flow, ensuring sufficient liquidity for business operations.
Definition of "Accounts" as partnership accounts
This definition ties "Accounts" to partnership records.
"Accounts" means partnership accounts, reflecting the financial contributions and distributions to partners in a business venture.
Definition of "Accounts" as salary accounts
This definition links "Accounts" to employee salary payments.
"Accounts" refers to salary accounts, where an employer deposits wages and benefits for employees.
Definition of "Accounts" as fiduciary accounts
This definition ties "Accounts" to fiduciary relationships.
"Accounts" refers to fiduciary accounts managed by a person or entity for the benefit of another, with legal duties of care and loyalty.
Definition of "Accounts" as reporting accounts
This definition connects "Accounts" to financial reporting.
"Accounts" refers to reporting accounts used for creating financial statements, providing insights into financial performance and position.
This article contains general legal information and does not contain legal advice. Cobrief is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.