1 The act or a system of establishing how the assets of a business, estate, trust, or other similar entity were managed and disposed of. 2In equity, a legal action to require one, usually a fiduciary or a constructive trustee, to account for and pay over funds held by them but owed to another. See also account. 3 In equity, a legal action for the recovery of funds owed for services performed, property sold, money loaned, or for damage for the incomplete performance of minor contracts. See als...