account for

[Hanka]

Hello,

could you please explain the meaning of "account for" in the following two sentences:

1) The company shall account to the principal for all amounts received by the company for the sales of the goods.

2) The company shall account for any deficiency in the materials provided.

Does it mean "be responsible for sth"?

Thank you very much

Hanka

[Tdol]

Yes, though the second suggests to me that they will have to compensate for any shortfalls.