A book account is a record of all the financial information of a person or business. It is a statement of the debit and credit of an individual which also shows the amount of debt a person owes at any given time. In terms of a business’s book account, the record will show a detailed history of transactions between different entities or parties. In terms of a person’s book account, the record will show a detailed history of a person’s transactions with other persons.
[Last updated in November of 2021 by the Wex Definitions Team]