Law Dictionary Definitions

account render.See ACCOUNTING(3). [Blacks Law 8th]

account party.The customer in a letter-of-credit transaction. — Also termed applicant. [Blacks Law 8th]

account receivable.See ACCOUNT. [Blacks Law 8th]

account payable.See ACCOUNT. [Blacks Law 8th]

account in trust.See ACCOUNT. [Blacks Law 8th]

Accounting  Series  Release.A  bulletin  providing  the  Securities and  Exchange  Commission’s requirements  for  accounting  and  auditing  procedures  to  be  followed  in  reports  filed  with  that agency. — Abbr. ASR. [Blacks Law 8th]

Accounting  Research  Bulletin.A  publication  containing  accounting  practices  recommended by the American Institute of Certified Public Accountants. — Abbr. ARB. [Blacks Law 8th]

accounting period.A regular span of time used for accounting purposes; esp., a period used by a taxpayer in determining income and related tax liability. [Blacks Law 8th]

accounting method.A system for determining income and expenses for tax purposes. accrual  accounting  method  (<<schwa>>-kroo-<<schwa>>l).  An  accounting  method  that records  entries  of  debits  and  credits  when  the  liability  arises,  rather  than  when  the  income  or expense is received or disbursed. — Also termed accrual basis. Cf. cash-basis accounting method. [Cases:  Internal  Revenue    3099;  Taxation    1078. …

  accounting  for  profits.An  action  for  equitable  relief  against  a  person  in  a  fiduciary relationship  to  recover  profits  taken  in  a  breach  of  the  relationship.  —  Often  shortened  to “The term accounting, or accounting for profits, is used in several ways. In its most important meaning,  it  is  a  restitutionary  remedy  based  upon  avoiding  unjust …