Definition of Account

A detailed statement of the mutual demands In the nature of debt and credit between parties, arising out of contracts or some fiduciary relation. Whitwell v. Wlllard, 1 Mete. (Mass.) 216; Blakeley v. Biscoe, 1 Hempst. 114, Fed. Cas. No. 18,239 ; Portsmouth v. Donaldson. 32 Pa. 202, 72 Am. Dec. 782. A statement in writing, of debts and credite, or of receipts and payments; a list of items of debts and credits, with their respective dates. Rensselaer Glass Factory v. Reid, 5 Cow. (N. Y.) 593. The word is sometimes used to denote the balance, or the right of action for the balance, appearing due upon a statement of dealings; as where one speaks of an assignment of accounts ; but there is a broad distinction between an account aiM the mere balance of an account, resembling the distinction in logic between the premises of an argument and the conclusions drawn therefrom. A balance is but the conclusion or result of the debit and credit sides of an account. It implies mutual dealings, and the existence of debt and credit, without which there could be no balance. McWilliams v. Allan, 45 Mo. 574.
—Account closed. An account to which no further additions can be made on either side, but which remains still open for adjustment and set-off, which distinguishes it from an account stated. Bass v. Bass, 8 Pick. (Mass.) 187; Volkening v. De Graaf, 81 N. Y. 268; Mandeville v. Wilson, 5 Cranch, 15, 3 L. Ed. 23.
—Account current. An open or running cr unsettled account between two parties.
— Account duties. Duties payable by the English customs and inland revenue act, 1881, (44 Vict. c. 12, § 38.) on a donatio mortis causa, or on any girt, the donor of which dies within three months aifter making it, or on joint property voluntarily so created, and taken by survivorship, or on property taken under a voluntary settlement in which the settlor had a life-interest.
—Account rendered. An account made out by the creditor, and presented to the debtor for his examination and acceptance. When accepted, it becomes an account stated. Wiggins v. Burkham, 10 Wall. 129, 19 L. Eld. 8S4; Stebbins v. Niles, 25 Miss. 267
—Account stated. The settlement of an account between the parties, with a balance struck in favor of one of them ; an account rendered by the creditor, and by the debtor assented to as correct, either expressly, or by implication of law from the fnilure to object. Ivy Coal Co. v. Long, 139 Ala. 535, 36 South 722; ac-arino v. Pallotti, 49 Conn. 36; McLellan v. Crofton, 6 Me. 307; James v. Fellowes. 20 La. Ann. 116; Lockwood v. Thorne. 18 N. Y. 285; Holmes v. Page. 19 Or. 232. 23 Pac. 961; Philips v. Belden, 2 Edw. Ch (N. Y.) 1; Ware v. Manning, 86 Ala. 238, 5 South 682; Morse v. Minton, 101 Iowa, 603, 70 N. W. 691. This was also a common count in a declaration upon a contract under which the plaintiff might prove an absolute acknowledgment by the defendant of a liquidated demand of a fixed amount, which implies a promise to pay on request. It might be joined with any other count for a money demand. The acknowledgment or admission must have been made to the plaintiff or his agent. Wharton.
—Mutual accounts. Accounts comprising mutual credits between the parties ; or an existing credit on one side which constitutes a ground for credit on the other, or where there is an understanding that mutual debts shall be a satisfaction or set-off pro tanto between the parties. McNeil v. Garland 27 Ark. 343.
—Open account. An account which has not been finally settled or closed, but is still running or open to future adjustment or liquidation. Open account, in legal as well as in ordinary language, means an indebtedness subject to future adjustment, and which may be reduced or modified by proof. Nisbet v. Lawson. 1 Ga. 275 ; Gayle v. Johnston, 72 Ain. 254, 47 Am. Ren. 405; McCamant v. Batsell, 59 Tex. 368; Purvis v. Kroner, 18 Or. 414, 23 Pac. 26O.
—Public accounts. , The accounts kept by officers of the nation, state, or kingdom, 01 the receipt and expenditure of the revenues of the government.