The Account balance.
Account Balance
net balance
If there are no transactions from last 6 months in a particular bank account it is called inactive account and the same continues for one year it called as dormant account
The difference between total payments and total charges to an account is called the account balance. If total payments exceed total charges, the balance will be a credit, indicating a surplus. Conversely, if total charges exceed total payments, the balance will be a debit, reflecting an outstanding amount owed. This balance is essential for understanding the financial status of the account.
Cash credit Account (CC)This account is the primary method in which Banks lend money against the security of commodities and debt. It runs like a current account except that the money that can be withdrawn from this account is not restricted to the amount deposited in the account. Instead, the account holder is permitted to withdraw a certain sum called "limit" or "credit facility" in excess of the amount deposited in the account.Cash Credits are, in theory, payable on demand. These are, therefore, counter part of demand deposits of the Bank.Overdraft (OD)The word overdraft means the act of overdrawing from a Bank account. In other words, the account holder withdraws more money from a Bank Account than has been deposited in it.
Account Balance
net balance
A savings account at a credit union is generally called a share account.
If there are no transactions from last 6 months in a particular bank account it is called inactive account and the same continues for one year it called as dormant account
The difference between total payments and total charges to an account is called the account balance. If total payments exceed total charges, the balance will be a credit, indicating a surplus. Conversely, if total charges exceed total payments, the balance will be a debit, reflecting an outstanding amount owed. This balance is essential for understanding the financial status of the account.
Money that is paid for the use of money is called interest. When you keep your money in a bank savings account, the bank credits your account with interest.
Money that is paid for the use of money is called interest. When you keep your money in a bank savings account, the bank credits your account with interest.
All credits are called "Credits".
The right side of an account is called the "credit" side. In accounting, credits are used to record increases in liabilities, equity, and revenue accounts, as well as decreases in asset accounts. Conversely, the left side of an account is known as the "debit" side. Together, debits and credits are used to maintain the accounting equation and ensure balanced financial records.
The difference between succeeding terms in a sequence is called the common difference in an arithmetic sequence, and the common ratio in a geometric sequence.
Cash credit Account (CC)This account is the primary method in which Banks lend money against the security of commodities and debt. It runs like a current account except that the money that can be withdrawn from this account is not restricted to the amount deposited in the account. Instead, the account holder is permitted to withdraw a certain sum called "limit" or "credit facility" in excess of the amount deposited in the account.Cash Credits are, in theory, payable on demand. These are, therefore, counter part of demand deposits of the Bank.Overdraft (OD)The word overdraft means the act of overdrawing from a Bank account. In other words, the account holder withdraws more money from a Bank Account than has been deposited in it.
The biggest difference is that government account is non-profit and based on funds....also called fund accounting. They do not have profits. Financial accounting tracks income and have or hope to have a profits.