open account

Thesaurus

Noun	1.	open account - credit extended by a business to a customercharge account, credit accountcharge account credit, open-end credit, revolving credit - a consumer credit line that can be used up to a certain limit or paid down at any timerevolving charge account - a charge account that does not have to be paid to zero balance
	2.	open account - an unpaid credit orderbill-me order, credit order - an order that is received without payment; requires billing at a later date

EncyclopediaSeeaccount

Open Account

An unpaid or unsettled account; an account with a balance that has not been ascertained, that is kept open in anticipation of future transactions. A type of credit extended by a seller to a buyer that permits the buyer to make purchases without a note or security and is based on an evaluation of the buyer's credit. A contractual obligation that may be modified by subsequent agreement of the parties, either by expressed consent or by consent implied from the conduct of the parties, provided the agreement changing the contractual obligation is based upon independent consideration.

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.

Open Account

1. See: Credit sale.

2. Any account where money is held or is owed. That is, a bank account with a $1,000 credit and another account with a $1,000 overdraft are both open accounts because they have non-zero balances.

open account

noun

Synonyms for open account

noun credit extended by a business to a customer

Synonyms

charge account
credit account

Related Words

charge account credit
open-end credit
revolving credit
revolving charge account

noun an unpaid credit order

Related Words

bill-me order
credit order

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