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Balance (accounting)

 

 
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Balance (accounting)
 
 
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In banking and accountancy
Accountancy

Accountancy or accounting is the system of recording, verifying, and reporting of the value of assets, liabilities, income, and expenses in the books of account to which debit and credit entries are chronologically posted to record changes in value ....
, the outstanding balance is the amount of money
Money

Money is anything that is generally accepted as payment for goods and services and repayment of debts. The main uses of money are as a medium of exchange, a unit of account, and a store of value....
 owned, (or due), that remains in a deposit account
Account

Account, in bookkeeping, refers to assets, liabilities, income, and expenses recorded on individual pages of the so called book of final entry or ledger....
 (or a loan account) at a given date, after all past remittances, payments and withdrawal have been accounted for. It can be positive (then, in the balance sheet
Balance sheet

In financial accounting, a balance sheet or statement of financial position is a summary of a person's or organization's balances. Assets, liabilities and ownership equity are listed as of a specific date, such as the end of its financial year....
 of a firm, it is an asset
Asset

In business and accounting, assets are everything of value that is owned by a person or company. It is a claim on the property your income of a borrower....
) or negative (a liability
Liability

In the most general sense, a liability is anything that is a wikt:hindrance, or puts individuals at a disadvantage. It can also be used as a slang term to describe someone that puts a team or group of which they are a member at a disadvantage, and would thus be better off without....
).






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In banking and accountancy
Accountancy

Accountancy or accounting is the system of recording, verifying, and reporting of the value of assets, liabilities, income, and expenses in the books of account to which debit and credit entries are chronologically posted to record changes in value ....
, the outstanding balance is the amount of money
Money

Money is anything that is generally accepted as payment for goods and services and repayment of debts. The main uses of money are as a medium of exchange, a unit of account, and a store of value....
 owned, (or due), that remains in a deposit account
Account

Account, in bookkeeping, refers to assets, liabilities, income, and expenses recorded on individual pages of the so called book of final entry or ledger....
 (or a loan account) at a given date, after all past remittances, payments and withdrawal have been accounted for. It can be positive (then, in the balance sheet
Balance sheet

In financial accounting, a balance sheet or statement of financial position is a summary of a person's or organization's balances. Assets, liabilities and ownership equity are listed as of a specific date, such as the end of its financial year....
 of a firm, it is an asset
Asset

In business and accounting, assets are everything of value that is owned by a person or company. It is a claim on the property your income of a borrower....
) or negative (a liability
Liability

In the most general sense, a liability is anything that is a wikt:hindrance, or puts individuals at a disadvantage. It can also be used as a slang term to describe someone that puts a team or group of which they are a member at a disadvantage, and would thus be better off without....
).