account
uh-KOWNT
/əˈkaʊnt/
An arrangement with a bank to keep your money there and allow you to take it out when you need to.
Beyond banking, 'account' can refer to a record or explanation. In finance, it's specifically a financial record.
The story behind the word. The word 'account' comes from Old French 'aconter', meaning 'to count, render account'. This in turn traces back to Vulgar Latin 'accomptare', a combination of 'ad-' (to) and 'computare' (to count). So, at its heart, an account is simply a way of counting and keeping track of money.
Word relationships
- fund: A fund is a sum of money set aside for a specific purpose, while an account is the record-keeping mechanism.
- record: A record is a general term for documented information; an account is a specific type of financial record.
Word family
- accountable (adjective): responsible for one's actions; required to explain them.
- accountability (noun): the fact or condition of being accountable; responsibility.
- accounting (noun): the process or work of keeping financial accounts.
Collocations
- bank account
- savings account
- checking account
- current account
- open an account
- close an account
- account holder
Idioms & expressions
- on account of (because of)
- take into account (consider)
Example sentences
- "She decided to open a savings account to start putting money aside for her future." Opening a new bank account.
- "The accountant needed to account for every penny spent during the quarter." Explaining financial records.
Memory hook
Think of an 'account' as a COUNTING place for your money, where every penny is noted. COUNTING place
When not to use
Avoid using 'account' to mean a story or explanation when the context clearly demands a financial meaning, to prevent confusion.
Fun facts
- The phrase 'to give a good account of oneself' means to perform well or explain one's actions satisfactorily, showing its historical connection to explanations and reckoning.
Related words
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