How Do You Spell RUNNING ACCOUNT?

1. A running account refers to a type of financial arrangement or record-keeping system where transactions are continually recorded and updated, reflecting the ongoing balance or status of an account. It is commonly used in banking, bookkeeping, and credit arrangements.

   In the context of banking, a running account typically refers to a checking or current account. It allows a customer to make deposits, withdrawals, or other transactions at any time, while the account balance is continuously adjusted. This type of account offers flexibility as it does not require a fixed repayment schedule, and the account holder has unrestricted access to funds as long as the balance is not overdrawn.

   In bookkeeping, a running account is an ongoing record of business transactions related to a specific party or business entity. It provides a comprehensive summary of financial activities such as purchases, sales, payments, and receipts, all organized in chronological order. The running account helps track the flow of funds, monitor outstanding balances, and reconcile discrepancies.

   In credit arrangements, a running account refers to an agreement between a creditor and a borrower, where the borrower has a revolving line of credit. The borrower can draw funds up to a predetermined limit, and the balance is continuously updated as new transactions occur. This allows borrowers the convenience of accessing funds as needed, rather than receiving a lump sum upfront.

   Overall, a running account is a dynamic financial record that tracks transactions over time, providing an up-to-date snapshot of the account's balance or status.

Common Misspellings for RUNNING ACCOUNT

The term "running account" combines the words "running" and "account".

The word "running" is derived from the Old English word "rinnan", which means "to flow" or "to run". It later evolved into the Middle English word "runnen", with similar meanings. The concept of "running" in this context likely refers to the continuous nature of the account, signifying an ongoing or continuously updated record.

The word "account" comes from the Middle English word "accounten", which can be traced back to the Old French word "acompter", meaning "to count". It ultimately originates from the Latin word "computare", referring to calculation or counting.

Therefore, the etymology of the term "running account" suggests a continuously updated record of calculations or counts.

Plural form of RUNNING ACCOUNT is RUNNING ACCOUNTS