income account

American  

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.

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Etymology

Origin of income account

First recorded in 1865–70

Example Sentences

With all of this, is any offshore income, account or trust still secret?

From Forbes • Oct. 23, 2013

The result of the incorrect accounting," said the Commissioner, "was that the Missouri Pacific presented a false record of its current assets, of its liabilities and of its income account.

From Time Magazine Archive

The figure that makes all the headlines is the "administrative budget," but the best indicator of how much the Government is spending is the "national income account budget."

From Time Magazine Archive

One Wall Street company, Prudential Securities, has an "insured income account," including checking privileges, that comes with the FDIC's $100,000 guarantee.

From Time Magazine Archive

Last week, with the appearance of the 1929 balance sheet and income account, statisticians were trying to figure out just what Ford Motor Co. would cost now.

From Time Magazine Archive