What is an account stated and what is the test for establishing an agreement?

"An account stated is an agreement, based on prior transactions between the parties, that all items of the account are true and that the balance struck is due and owing from one party to the other." (Trafton v. Youngblood

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(1968) 69 Cal.2d 17, 25.) "An account stated, by its very nature, normally assumes the consideration of all objections, is usually a compromise, and is a final, conclusive acknowledgment of an exact amount due having in contemplation all credits and offsets. An account stated is an agreed balance of accounts; an account which has been examined and accepted by the parties. It implies an admission that the account is correct, and that the balance struck is due and owing from one party to the other. Its effect is to establish prima facie the accuracy of the items without further proof, and to constitute a new contract on which an action will lie." (Perry v. Schwartz (1963) 219 Cal.App.2d 825, 829-830.)