Account about Liberal member — entirely an alert (5,4)

I believe the answer is:

alarm call

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'an alert' is the definition.
I don't know anything about this answer so I cannot tell whether it can be defined by this definition.

'account about liberal member entirely' is the wordplay.
'account' becomes 'ac' (abbreviation).
'about' indicates putting letters inside.
'liberal' becomes 'lar' (I am not sure about this - if you are sure you should believe this answer much more).
'member' becomes 'm' (political abbreviation).
'entirely' becomes 'all' (all can mean entirely or completely).
'lar'+'m'='larm'
'ac' enclosing 'larm' is 'alarmc'.
'alarmc'+'all'='ALARM CALL'

Can you help me to learn more?

(Other definitions for alarm call that I've seen before include "Telephoned awakening" , "Robin, maybe, scared to give this" , "hotel service" .)

I've seen this clue in The Times.

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