Dictionary of Accounting Terms: on account
on account
- purchase or sale on credit. For example, the journal entry for a sale on account is to debit accounts receivable and credit sales.
- partial payment on an obligation.
Dictionary of Business Terms: on account
on account
In general: in partial payment of an obligation.
Finance: on credit terms. It applies to a relationship between a seller and a buyer wherein payment is expected sometime after delivery and the obligation is not documented by a note; synonymous with open account.
Dictionary of Finance and Investment Terms: on account
on account
In general: in partial payment of an obligation.
Finance: on credit terms. The term applies to a relationship between a seller and a buyer wherein payment is expected sometime after delivery and the obligation is not documented by a note. Synonymous with open account.
