income account

noun

1. an account maintained for a particular item of revenue or income.

2. Also called profit and loss account. a summary account for income and expenditures, used in closing the ledger.

Word History and Origins

Origin of income account¹

First recorded in 1865–70

Example Sentences

An interactive tool created at Lawrence Berkeley National Laboratory that combines federal data on solar deployment and census data shows that for Washington and Oregon, the upper half of households by income account over 80% of those states’ residential solar systems.

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The top 0.5 percent in income account for fully a fifth of all the underreported income, according to a 2010 study by the IRS’ Andrew Johns and the University of Michigan’s Joel Slemrod.

Read more on Salon

In January to June, Greece’s current account showed a deficit of 3.8 billion euros, up by 555 million euros year-on-year as the trade deficit widened and the primary income account surplus shrank.

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While expecting another monthly surplus, economists expect one component of the surplus—the primary income account, which is receipts and payments on portfolio and direct investment—likely narrowed due to a stronger yen.

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Some state agencies receive money from the Tobacco Settlement Trust Income Account.

Read more on Washington Times