Account

Account, in its legal signification, a statement shewing an amount or balance due by one party to another for sums paid, goods supplied, or services rendered. A balance agreed and settled between the parties is termed an "account stated." In bankruptcy the failure of a tradesman to keep proper accounts of his business is a criminal offence. Corporations and officers of the Court are generally required to publish periodical accounts; life assurance companies are necessitated under the Act, 1870, to make very elaborate returns and accounts; building societies are also required to do the same with the registrar annually.