account

Own account

1) Term meaning operation by a firm of its own vehicle/s for carrying its 'own' goods - ie goods in connection with any trade or business carried on by the firm other than that of carriage for hire or reward (ie haulage).

Profit and loss account

1) Accounting term which refers to the document (usually prepared annually) showing a firm's income and expenditure and thus its profit (ie gross) or loss.

Audited accounts

1) The (annual) accounts of a business which have been examined and approved by an ‘auditor’. In the case of limited liability companies such accounts are required by law (see Registrar of Companies) and must have been prepared by an independent ‘chartered’ (ie professional) accountant.

Open account trading

1) Method of payment for exported goods whereby buyer settles in arrears, usually periodically - normally used only where satisfactory trading record exists or when dealing with reliable companies.