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  • The Financial Encyclopedia
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Nominal Account

A type of account (a general ledger account/ GL account) that closes at the end of each accounting year. Basically,...

    Real Account

    A general ledger account (GL account) that does not close at the end of the accounting year (as opposed to...

      Personal Account

      An account that, in contrast to impersonal accounts, is held for each of an entity's credit customers, suppliers, or other...

        Impersonal Account

        An account that is not held in the name of a certain person (natural or legal person). Such an account...

          Cost Ledger Control Account

          A control account that is maintained for the purpose of exercising control over the costing ledgers. It appears in the...

            Cost Control Account

            A control account that is maintained for the purpose of exercising control over the costing ledgers. It appears in the...

              Wrap Account

              An investment account for which a holder pays it cost in the form of a "wrapped" fee, covering all of...

                Settlement Account

                An account in which money and/ or monetary assets are held with a central bank, central securities depository, central counterparty...

                  Subsidiary Account

                  A type of account that is controlled by a single account known as a control account. This account is part...

                    Nostro Account

                    An account that a bank holds in a foreign currency in another bank. Nostro accounts are used for payment services...