Definition

Noun: 1. A formal record of financial transactions: A document, typically issued by a bank or other financial institution, that lists all transactions (such as deposits, withdrawals, fees, and interest) over a specific period and shows the beginning and ending balance.

Usage

An account statement is a periodic summary of activity for a financial account. It is used to verify transactions, track spending, and reconcile balances. * You should review your account statement each month to check for errors. * The bank provides an online account statement for every checking account. * For tax purposes, keep your annual account statement on file.

Examples

• Noun:
  • My credit card account statement showed several unauthorized charges.
  • The quarterly investment account statement detailed all dividends and trades.
  • Please submit a copy of your latest bank account statement as proof of address.

Advanced Usage

• "to reconcile an account statement": To compare your own records of transactions and balance with the official statement from the bank to ensure they match.
  • It is good practice to reconcile your account statement as soon as you receive it.

Variants and Related Words

• Statement (n): Often used alone to mean 'account statement' in a financial context.
  • I downloaded my bank statement.
• Bank statement (n): A specific type of account statement for a bank account.
• Accounting (n): The process or work of keeping financial accounts; can informally refer to a statement.
• Balance (n): The amount of money held in an account, as shown on a statement.

Synonyms

• Financial statement: (A broader term that can include balance sheets and income statements, but often used for periodic summaries).
• Record of account: (A more formal description).

Related Phrases

• Statement period: The specific date range covered by an account statement.
  • The statement period for this bill is from June 1st to June 30th.
• Closing balance / Statement balance: The amount of money in the account at the end of the statement period.
  • Your closing balance was $1,250.00.

Noun

1. a statement of recent transactions and the resulting balance
   • they send me an accounting every month