Account

Account, in Law, means a statement of money transactions showing a balance due by one party to another, or it may show only goods supplied or services rendered by one party, in respect of which money is due to the other. In England, where the parties have agreed to the balance, this is called an 'account stated,' or, if the parties are trustee and beneficiary, it is called a 'settled account' (in a sense of course quite different from that in which 'settled' is used of money accounts settled or paid). In Scotland, a 'fitted account' is entitled to the privileges of a document in re mer- catoria—i.e. it does not require to be signed before witnesses. It is often stipulated, as in the case of a cash-credit, or of a bank and its agent, that an account stated by the official of the bank shall be conclusive, but this affords only a prima facie case. Even where accounts have been docketed, errors of calculation can be corrected, and if the settlement has been obtained by misrepresentation or concealment, it may be set aside. There is in Scotland a triennial prescription of tradesmen's accounts (see PRESCRIPTIONS). The action by which in Scotland a party liable is made to account, is called 'count reckoning and payment.' In England, such actions are generally brought in the Chancery Division. Under the Legacy and Succession Duty Acts, executors and others have to file statutory accounts showing the position of the estate. The Bankruptcy Law makes the failure of a tradesman to keep proper accounts of his business a criminal offence. Corporations are generally required by public law to make a certain publication of accounts; in the case of life-assurance companies, a very elaborate form of return or account is required by Mr Cave's Act of 1870. Officers appointed by the court, such as judicial factors, are bound to lodge annual accounts in court. The Accountant-general was in 1726 made (see INTEREST) responsible for the accounts of money paid into the Court of Chancery, but in 1872 this duty was transferred to the Paymaster-general.