I.   Introductory Provisions

Accounts are the eighteenth of thirty-three (33) Administrative Elements of Trust being the tabulation and summary arrangements of computations, valuations and derivations using some standard unit of value, measure, record or exchange on the nature, value and disposition of objects, concepts and property of a valid trust or estate or fund.

The standard unit of measure by which a Trust or Estate or Fund values its credits or debits or assets or liabilities may be an internal unit of measure or an external unit of measure:

(i) An internal unit of measure and account is a wholly internal system of measure of the value of assets and liabilities based on some means and method of approximating the value of a single indivisible unit and ensuring that such a system is consistent across all accounting of the Trust or Estate or Fund; and

 (ii) An external unit of measure is an external system of measuring the value of assets, liabilities and transactions of the Trust or Estate or Fund based on some accepted currency.

The use of a privately owned and protected unit of measure by which a Trust or Estate or Fund primarily values its credits or debits or assets or liabilities may create a liability on the part of such an entity, if such proprietary rights are not otherwise waived or licensed.  Hence, the use of privately owned and controlled currencies as the primary unit of measure may create such liabilities. In contrast, the use of any unit of measure in extracts and secondary or derived accounts for the purpose of exchange with foreign entities cannot be argued as forming a liability if in such jurisdiction no other units are considered acceptable currency.

All Accounts possess the same essential elements being Record Number, Account Name, Account Description, Account Number, Account Owner, Date Opened, Date Closed and Status:

(i) Record Number is a unique column being the first and left most column in which a whole integer is listed and is sequential (beginning from the integer 1) and unique (not the same) in reference to the table; and

(ii) Account Name is a column defining the name of the Account; and

(iii) Account Description is a column defining the description of the Account; and

(iv) Account Number is a column defining a unique number or alpha-numeric sequence for the Account

(v) Account Owner is a column defining the Owner of the Account; and

(vi) Date Opened is a column defining date the Account was opened; and

(vii) Date Closed is a column defining the date the Account was closed; and

(viii) Status is a column defining the operating status of the Account.

The purpose and function of different types of Accounts of a Trust or Estate or Fund may be defined within its constituting instrument or accepted as being the same and subject to some foreign power, or accepted higher estate. The most frequent types of Accounts used by Trusts and Estate and Funds are: Budget, Journal, Ledger, Member, Supplier, Project, Service, Bank, Insurance, Annuity, Securities and Fund:

(i) A Budget Account is a an Account designed for the purpose of expressing and planning future and hypothetical revenues, quantities, costs, expenses, assets, liabilities, cash flows and contingencies; and

(ii) A Journal Account, also known as a Sub Ledger Account is an Account derived from summarizing Memoranda such as “Day Books” of transactions; and

(iii) A Ledger Account, is an Account derived from summarizing Journal Accounts; and

(iv) A Member Account is a type of Account for the entry and recording of certain Member rights and property and agreements; and

(v) A Supplier Account is a type of Account for the recording of terms and transactions and the supply of goods and services; and

(vi) A Project Account is a type of Account recording transactions associated with a specific project; and

(vii) A Service Account is a type of Account where certain services are provided under agreement; and

(viii) A Bank Account is a type of Account where Banking Services are provided in trust; and

(ix) An Insurance Account is a type of Account where certain Funds or Assets are placed as surety against a potential loss, or as assurance; and

(x) An Annuity Account, (also known as a Bond Account) is a type of Account where the Dividends of an Annuity are placed; and

(xi) A Securities Account is a type of Account where Securities may be held, purchased or sold; and

(xii) A Fund Account is a type of Account for the facilitation of a Fund.

Journal Accounts, also known as Sub Ledger Accounts of a Trust or Estate or Fund Journal may be further defined as Orderable, Deliverable, Resolvable, Recoverable, Purchasable, Receiptable, Payable and Redeemable:

(i) Accounts Orderable are Accounts representing each and every legally enforceable Sales Order to a person by its customers or clients for goods or services and the terms of such agreements; and

(ii) Accounts Deliverable are Accounts representing each and every legally enforceable delivery, consignment and commitment to the customers or clients of goods or services by a person; and

(iii) Accounts Resolvable are Accounts representing each and every legally enforceable claim for payment to a person by its customers or clients for delivery of goods or services rendered in execution of the order of customers. This is generally in the form of a Memorandum of Account, or in the case of a business under fundruptcy administration or agency control, then by invoice; and

(iv) Accounts Recoverable are Accounts representing each and every legally enforceable claim for recovery of goods or compensation on breach, default and delinquency to pay by a customer or client having received a valid order, an acknowledge delivery and a Memorandum of Account to resolve and settle ; and

(v) Accounts Purchasable are Accounts representing each and every legally enforceable Purchase Order by a person to its suppliers for the purchase of goods or services and the terms of such agreements; and

(vi) Accounts Receiptable are Accounts representing each and every receipt of delivery of good or services by a supplier to a person upon the Purchase Order for such goods or services;

(vii) Accounts Payable are Accounts representing each and every legally liable payment due to be paid upon the receipt of goods and services delivered to a person by their suppliers; and

(viii) Accounts Redeemable are Accounts representing unpaid obligations of a person that have been placed into agreement and arrangement to negotiate compensation, or return of goods, or refund or release from any claimed debt, blame or further liability.

Ledger Accounts of a Trust or Estate or Fund being the aggregation of Journal Accounts may be further defined as Asset, Liability, Revenue, Expense, Equity and Off-Set:

(i) An Asset Account represents the different types of economic resources owned or controlled by an entity such as cash, cash in bank, building, inventory, prepaid rent, goodwill or accounts resolvable; and

(ii) A Liability Account represents the different types of economic obligations by an entity, such as accounts payable, bank loan, bonds payable, accrued interest; and

(iii) A Revenue Account or Income Account represents the gross earnings of the entity and may include sales, service revenue or interest income; and

(iv) An Expense Account represent the expenditure by the entity to enable itself to operate such as electricity and water, rentals, depreciation, accounts recoverable, interest or insurance; and

(v) An Equity Account represents the residual equity of a business (after deducting from Assets all the Liabilities) including retained earnings or capital appropriations; and

(vi) A Contra-account or Off-set Account represents an account with a negative balance, that offset them such as depreciation against equipment, and allowance for bad debts against long-term notes receivable.

A Statement of Account or Account Stated is when two persons having previously engaged in one or more monetary transactions together, close an Account by agreeing to the balance appearing to be due from one of them. The formal request of a Statement of Account or Account State operates as an admission of liability by the person against whom the balance appears.

A Settlement of Account or Account Settled, is when the trustee of a Cestui Que Vie Trust (also known as a Secret Trust, or Fides Commissary Trust) agrees to provide an Account, or when a competent court orders a Forensic Settlement of Account upon claims of concealment or undue advantage taken by the trustee. An action for a Settlement of Account does not close an Account.

An Action for Account or Suit for Account is when one party of interest of an open Account seeks a proper accounting from the other party, usually by bringing the matter before a competent court possessing Chancery powers:

(i) The party bringing the Action or Suit must first demonstrate their status and standing in bringing an Action or Suit, as by the laws of certain Jurisdictions, Body Politic and Societies, types of status are ineligible to certain actions, even in Chancery (e.g. a Servant or Laborer is limited in actions against a Master, or an Insolvent Debtor is limited in actions against their Creditors); and

(ii) The party bringing the Action or Suit must identify the type of interest and nature of their relation with the other party (eg Beneficiary against Executors or Trustees); and

(iii) The party bringing the Action must also be clear as to the type of Account required (usually a Statement of Account), or if specifically associated with a Cestui Que Vie Trust a Settlement of Account; and

(iv) The transactions in question are then normally investigated by the chief clerk in chambers, or by an official or special referee in accord with the directions of the court; and

(v) The “accounting party” or person whom the Account is required, draws up an Account and has it verified by an affidavit with vouchers for the larger payments and the chief clerk then embodies the result in his certificate.

The most common nature of the parties of an Action for Account or Suit for Account are:

(i) Action by one Partner against another (Partner) for an Account of the partnership dealings; or

(ii) A Principal against his Agent, but never vice versa; or

(iii) A Beneficiary against Executors or Trustees for an Account of what they have received (or ought to have received) and paid in respect of the trust property; or

(iv) A Mortgagor against a Mortgagee who has entered into possession of the mortgaged property, in order to ascertain what he has received or ought to have received in respect of rents and profits, so that the amount may be set off against the amount payable on the mortgage.

In terms of Suits and Actions in Western-Roman Courts, it is normal procedure that at least two (or more) Accounts are opened in connection to a Cestui Que Vie Trust whenever a new Case Number (and Secret Trust) is created:

(i) The Causewise Account or Security Account of the Case once opened, shows any money, securities, bonds or insurance belonging to the suitors of the matter as surety or bailment in proceedings. This Account is usually not disclosed and kept separate, i.e. it is never “paid into” the court; and

(ii) The General Account of the Case is for any payments into the court directly, upon any order of the court, or recovery of values such as unclaimed bonds or sureties or forfeits or sale of goods; and

(iii) A Separate Account is when a specific payment is due to a party in a matter or cause and “carried over” from the General Account to a Separate Account; and

(iv) A Suspense Account is when a specific payment is made without a direction or named party in a matter or cause from the General Account and is placed to the credit of an Account in control of a Chancery Court.

The invention of accounts for Inferior Trusts, Estates and Funds within the Western-Roman System since the 16th Century has always been based on the rolling proprietary system of “Bankruptcy” where private banks and interests control the assets of the public under some false claim, fraud and heresy and may be defined as Public, National, General and Special:

(i) Public Accounts is the term used since the 16th Century to describe the “Bankruptcy” accounts of a kingdom or society through a version of the “ecclesiastical” court of Exchequer whereby private interests use the issue of returns and surrenders of vouchers of payments to “underwrite” the issue of bills and promises as the “public money” system; and

(ii) National Accounts is the term used since the 18th Century to describe the commissioners of a corporate “consolidated revenue fund” controlling a country, or kingdom or state “in bankruptcy” and since the 20th Century, the international standards, rules and classifications of “accountants in bankruptcy” in the way nations, states and countries define and surrender their public assets and accounts to private controlling interests; and

(iii) General Accounts is the term used since the 19th Century to describe the accounts of a corporation to be surrendered to an accountant and then added to to the National Accounts. Also known as “General Ledger” Accounts; and

(iv) Special Accounts is the term used for accounts within the general “consolidated revenue fund” possessing exclusive rights that may permit the withholding of surrender and possess particular authorities on expenditure.

An Accountant is a type of Officer first created of the Court of Exchequer, possessing ecclesiastical and clerical status to prepare the accounts and books in conjunction with the rolling premise of spiritual bankruptcy, moral bankruptcy and physical bankruptcy of the world underpinning the Protestant Commercial Vehicle:

(i) The position of Accountant was first invented in 16th Century England by the Pisans and Venetians and frequently referred to in statutes concerning the “Public Accounts” (in Bankruptcy) of the Realm; and

(ii) Through the Bankruptcy Act of 1849 as 12 & 13 Vict. c.106 (1849), Accountants not only became Officers of the Court of Exchequer in Bankruptcy, also known as the “Court of Bankruptcy” but were now compelled to appoint an army of agents to ensure the seizure, or surrender, or gift of the accounts and records of companies and corporations and persons of substance to the Court made effective through the Court of Bankruptcy Act of 1853 as 16 & 17 Vict. c.81 (1853); and

(iii) Within a year of permitting private firms to perform the services of Accountants “for hire” as “Accountants in Bankruptcy”, the first association of Accountants was granted Royal Charter on 13-Sep 1854 being the Society of Accountants in Edinburgh also known as the "Institute of Chartered Accountants of Scotland". The second association of “Accountants in Bankruptcy” was granted Royal Charter on 08-Feb 1855 as the “Institute of Accountants and Actuaries” in Glasgow; and

(iv) Accountants and Accounting Firms since this time have always existed under Western-Roman Law as Officers of Bankruptcy and to serve the interests of the private interests holding public assets hostage. Accountants are not permitted to practice non-bankruptcy accounting.

Under Western-Roman Law, all accounting by Accountants is by definition an audit of trust, whereby “trust” is that the word of a man or woman is true. Under the purely Commercial Protestant Model of commercializing sin, Accounting and Accountants are an essential ecclesiastical Office for perpetuating the supreme heresy against heaven known as “original sin” created no earlier than the 16th Century. For if men and women are to be trusted and trust were to be allowed to exist in society, then there is no need for such audit and accounting of Accountants in Bankruptcy.