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- In accounting, balance refers to123:
- The amount of money owed (or due) on an account in banking and accounting.
- The difference between the sum of debit entries and the sum of credit entries entered into an account during a financial period in bookkeeping.
- The amount of money present in a financial repository, such as a savings or checking account, at any given moment. The account balance is always the net amount after factoring in all debits and credits.
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.In banking and accounting, the balance is the amount of money owed (or due) on an account. In bookkeeping, “balance” is the difference between the sum of debit entries and the sum of credit entries entered into an account during a financial period.en.wikipedia.org/wiki/Balance_(accounting)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.corporatefinanceinstitute.com/resources/wealth-ma…An account balance is the amount of money present in a financial repository, such as a savings or checking account, at any given moment. The account balance is always the net amount after factoring in all debits and credits.
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