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Law dictionary
Accounts

Accounts

noun

The record of an organisation's income, spending and financial situation.

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For example

The firm's bank accounts were looked at.

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For Commercial law

Letter of credit

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Other useful terms:

Statutory accounts

Company accounts which have been filed with the Registrar of Companies. The accounts have to disclose (show) the information required by the Companies Acts.

Annual accounts

The summary of an organisation's financial transactions during the year covered by their accounts, and a 'snapshot' of the assets and liabilities at the end of the year.

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