|Balance, Credit balance, Debit balance, Balance Sheet : Business Dictionary |
Business Dictionary :
Balance, Credit balance, Debit balance,
Bank Balance, Balance Sheet
Balance : noun :
(a) amount in an account which makes the total debits and credits equal
Credit balance : balance in an account showing that more money has been received than is owed
Debit balance : balance in an account showing that more money is owed than has been received
• The account has a credit balance of £ 100.
• Because of large payments to suppliers, the account has a debit balance of £1,000.
Balance In Hand : cash held to pay small debts
Balance brought down : amount entered in an account at the end of a period to balance income and expenditure
Balance brought forward (or) balance carried forward : amount entered in an account at the end of a period to balance the expenditure and income which is then taken forward to start the new period
Balance carried forward (or) Balance brought forward : amount entered in an account at the end of a period to balance the expenditure and income which is then taken forward to start the new period
(b) Rest of an amount owed
• You can pay £100 deposit and the balance within 60 days.
Balance due to us : amount owed to us which is due to be paid
Balance of payments : the international financial position of a country including invisible as well as visible trade
Balance of trade or trade balance : international trading position of a country excluding invisible trade
Adverse or unfavourable balance of trade : situation where a country imports more than it exports
Favourable trade balance : situation where a country exports more than it imports
• The country has had an adverse balance of trade for the second month running.
Bank Balance : state of an account at a bank at a particular time
NOTE : no plural
Balance : verb
(a) To calculate the amount needed to make the two sides of an account equal
• I have finished balancing the accounts for March.
• The February accounts do not balance.
• The two sides are not equal.
(b) To plan a budget so that expenditure and income are equal
• The president is planning for a balanced budget.
Balance Sheet : noun : statement of the financial position of a company at a particular time, such as the end of the financial year or the end of a quarter
• The company balance sheet for 1984 shows a substantial loss.
• The accountant has prepared the balance sheet for the first half year.
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