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Simple English definitions for legal terms
intermediate account
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A quick definition of intermediate account:
An account is a record of money transactions between people or organizations. It can be used to keep track of money owed or money received. There are different types of accounts, such as bank accounts, joint accounts, and trust accounts. An intermediate account is a yearly report filed by an executor, administrator, or guardian. A pay-on-death account is a bank account that gives the beneficiary access to the funds after the owner's death. A tax-deferred account is an interest-bearing account whose earnings are not taxed until they are withdrawn. Being accountable means being responsible and answerable for one's actions.A more thorough explanation:
An intermediate account is a type of account filed by an executor, administrator, or guardian after the initial account and before the final account. This account is usually filed annually and is also known as an annual account. It is a detailed statement of the debits and credits between parties to a contract or to a fiduciary relationship. It is a reckoning of monetary dealings.
For example, in wills and estates, an account is a brief financial statement of the manner in which an executor or administrator has performed the official duties of collecting the estate's assets and paying those who are entitled. An account charges the executor or administrator with the value of the estate as shown by the inventory, plus any increase, and credits the executor with expenses and costs, duly authorized disbursements, and the executor's commission.
Another example is a mutual account, which shows mutual transactions between parties, as by showing debits and credits on both sides of the account. Each party to a mutual account occupies both a debtor and creditor relation with regard to the other party. A mutual account arises where there are mutual dealings, and the account is allowed to run with a view to an ultimate adjustment of the balance.