English Legal System: Account

In the context of the English law, A Dictionary of Law provides the following legal concept of Account :

A right at common law and later (more importantly) in equity, requiring one party to a relationship (e.g. a partnership) to account to the other or others for moneys received or due. An account may be: (1) open or current, where a balance has not been agreed or accepted by all parties; (2) stated, where a balance has been accepted as correct by all parties; or (3) settled, where a balance has been accepted and discharged.

Account Definition (in the Accounting Vocabulary)

The New York State Society of Certified Public Accountants offers the following definition of Account in a way that is easy for anybody to understand: Formal record that represents, in words, money or other unit of measurement, certain resources, claims to such resources, transactions or other events that result in changes to those resources and claims.


This term is a noun.

Etimology of Account

(You may find account at the world legal encyclopedia and the etimology of more terms).

c. 1300, “counting,” especially “reckoning of money received and paid, detailed statement of funds owed or spent or property held,” from Old French acont “(financial) account, reckoning, terminal payment,” from a “to” (see ad-) + cont “counting, reckoning of money to be paid,” from Late Latin computus “a calculation,” from Latin computare “calculate” (see compute). From the first often in plural form; sometimes in late Middle English accompt (see account (verb)). Meaning “course of business dealings requiring records” is from 1640s; hence “arrangement to keep money in a business, bank, etc.” (1833), also “customer or client having an account” (1937). Money of account (1690s), that used in reckoning but not circulating as coin or paper, preserves the “counting” sense of the word. From the notion of “rendering an account” comes the sense “statement answering for conduct” (mid-14c.) and the general sense “narration, recital of facts,” attested by 1610s. Phrase by all accounts is attested from 1798. From the notion of “statement of reasons” comes on no account “under no circumstances” (1704). Also from c. 1300 in reference to answering for one’s conduct, especially at the Last Judgment. Meaning “estimation, consideration,” especially in the eyes of others, is from late 14c. On account in the financial sense “as an item to be accounted for at the final settlement” is from 1610s, hence on account of in the general sense “for the sake of, in regard to, in consideration of” (1640s, originally upon account of). Also on (my, your, etc.) account “on (one’s) behalf.” To give accounts “prepare or present a statement of funds and property” is from mid-15c; the older term was cast accounts (mid-14c.); to take account of originally was to make an inventory; take into account “take account of” is from 1680s. The spellings accompt, accomptable, etc. are artificial forms used, not prevailingly, in the sixteenth and seventeenth centuries. They are now obsolete, or nearly so, though accompt and accomptant may still be used in the formal or legal style. The pronunciation has always conformed to the regular spelling, account, accountable, etc. [Century Dictionary]



Meaning of Account

In this law dictionary, the legal term account is a kind of the Accounting class.


See Also

  • Statement Of Account
  • Account
  • Accounting
  • Hierarchical Display of Account

    Business And Competition > Accounting > Accounting

    Meaning of Account

    Overview and more information about Account

    For a more comprehensive understanding of Account, see in the general part of the online platform.[rtbs name=”xxx-xxx”]


    Translation of Account

    Thesaurus of Account

    Business And Competition > Accounting > Accounting > Account

    See also


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