Define: Account Balance

UK Accounting Glossary

Definition: Account Balance



Advertisement



Full Definition of Account Balance


Account balance is a net figure that refers to the dollar amount of credits and debits at the time the reporting period ends. The term account balance is frequently used to describe a personal bank account balance, as well as other financial accounts. When it comes to banks, an account balance is simply an amount of money remaining on one’s bank account. Such an account balance may describe various personal accounts, such as savings, checking, and money market accounts. An account balance may likewise refer to an individual 401k account, also known as an accrued benefit. However, the term account balance does not only pertain to assets but liabilities as well. Thus, a credit card account balance is an outstanding account balance owed to a credit card company.


Advertisement




Cite Term


To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
https://payrollheaven.com/define/account-balance/
Modern Language Association (MLA):
Account Balance. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. April 04, 2020 https://payrollheaven.com/define/account-balance/.
Chicago Manual of Style (CMS):
Account Balance. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/account-balance/ (accessed: April 04, 2020).
American Psychological Association (APA):
Account Balance. PayrollHeaven.com. Retrieved April 04, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/account-balance/

Definition Sources


Definitions for Account Balance are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 4th February, 2020