Account balance

Written by Fmi.Online Friday November 11, 2022
An account balance is the amount of money present in a financial repository during the current accounting period. It is the net difference between the credits and debits posted in any given accounting cycle, added to the balance carried forward from the previous month. Account balance typically represents the difference between total assets and total liabilities. The Types of Account Balance include Credit Cards and Checking Accounts

Explanation :

An account balance represents the available funds, or current account value, of a particular financial account, such as a checking, savings, or investment account. Financial institutions make available the current value of account balances on paper statements as well as through online resources. Account balances in investments holding risky assets may change considerably throughout the day.

In a nutshell :

  • An account balance is a statement that shows the total money available at the start of the accounting period.
  • It is the net difference between the credits and debits posted in any given accounting cycle, added to the balance carried forward from the previous month.
  • Account balance typically represents the difference between total assets and total liabilities.
  • Types of Account Balance include Credit Cards and Checking Accounts
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