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What does a credit balance on partner's current account mean?
current liability
What does dormant accounts mean?
A dormant account is some sort of account or credit line that is open, but inactive. For instance, I have an equity line of credit with a zero balance. It is dormant.
What does it mean when the bank account in the cash book has a credit balance?
That doesnt happen often, but its when you send a bad check. Because cash account is an asset and carry debit balance
What does it mean when an accout on your credit report says closed but there is still a balance?
One of two things. First, you still owe the money. but you can not use that credit account anymore. or Second, you have paid off the account and the creditor has not notified the credit bureaus that you have paid this account in full. If it is paid in full, I suggest you notify the credit agencies.
What is the difference between debit balance and credit balance?
This is really not as simple as writing debit balance is or credit balance is:In accounting Debit literally means the left side and credit means the right side. The difference between a debit balance "account" and a credit balance "account" is:Debit balance accounts increase with a debit and decrease with a creditCredit balance accounts increase with a credit and decrease with a debitAssets maintain a debit balanceLiabilities and Owners Equity maintain a credit balanceThe above answer refers to accounting, however, I noticed that you also put this in Credit and Debit cards: using a bank debit or credit card is the opposite of the view you see doing accounting.On a Credit card statement for example, a credit balance would mean that the credit card company is "crediting" you with a certain amount, meaning you do not owe that amount anymore. A debit would be a rise in the balance you "owe them".
What does a credit balance on partner's current account mean?
current liability
What does accounts mean?
A dormant account is some sort of account or credit line that is open, but inactive. For instance, I have an equity line of credit with a zero balance. It is dormant.
Reginald's credit card statement states that his balance is 550 What does the term balance mean?
The 'balance' of his statement is the monetary value of his account with the credit card company. In this case it is the amount he owes the company.
What does it mean to be a co-signer on a credit account?
It mean - BOTH people who sign the agreement are liable for the balance owing.
What does dormant accounts mean?
A dormant account is some sort of account or credit line that is open, but inactive. For instance, I have an equity line of credit with a zero balance. It is dormant.
What do parentheses mean in a account balance?
That means that you have a credit on your account. So you don't have to pay anything to the credit card company because you paid too much, or you got a credit for something returned.
What does it mean when the bank account in the cash book has a credit balance?
That doesnt happen often, but its when you send a bad check. Because cash account is an asset and carry debit balance
What do parentheses mean in a credit card account balance?
Usually it means that you have a credit balance and the credit card company owes you money. This occurs when you pay more than you owe or you receive a refund from a previous purchase.
What does it mean if an account has an exceptional balance?
From the grade 11 text book, occassionally an account that would normally have a debit balance, ends up having a credit balance or vise versa not because of a mistake. There is a reason the account ends up with opposit of the normal, for example, if you over pay an account payable, or a customer returns unsatisfactory merchandise for credit.
What does a negative credit balance mean on home loan statement?
Excess of repayment over scheduled or expected repayment. For eg. the expected balance in a HL account on a given date is 10,000/-, the actual account balance should have been 8,000/- as per the repayments made, the excess repayment of 2,000/- is negative credit balance or unadjusted repayment.
Does a credit card balance in the fund balance account at the end of the year mean the fund has sufficient cash to pay its liabilities in a timely manner?
No. A credit balance in the fund balance accounts does not mean there is sufficient cash to pay liabilities in a timely manner. The assets are likely to include taxes receivable, and it is possible that the reported liabilities will exceed the cash balance
What does balance transfer mean?
It's when you transfer your balance (or part of your balance) in an account to another account. Usually the accounts are in separate financial institutions. Although it applies mainly for credit cards, other financial product may also offer balance transfer.
