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Open account

The financial definition for Open account:

Arrangement whereby sales are made with no formal debt contract. The buyer signs a receipt, and the seller records the sale in the sales ledger.




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Account Ad Valorem Duty
An imported merchandise tax expressed as a percentage.


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Account balance
Credits minus debits at the end of a reporting period.


Account executive

Account executive
The brokerage firm employee who handles stock orders for clients. See: Broker.


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Open account
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