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Why is the balance as per bank statement on the bank reconciliation statement a credit if its a favorable balance but in the bank account the credit means you owe the bank money?
The Debit and Credit on a bank statement reflect the Bank's accounting records, not yours. So when you deposit money into your account, the bank owes you that money to you - it is a liability for them, therefore a credit entry. Similarly, if they charge you a bank fee, it reduces their liability to you, so they would Debit your account (on their books) and Credit an Income account.
What is bank balance versus cash balance?
bank balance:- A bank balance is that amount which is actually deposited in any of the bank. or the amount which has been credited in your bank account. cash balance: - It is an amount which is there in your hand. i.e., it is otherwise called as cash in hand. or else we can say that the hot cash which is there with you right now is called as a cash balance. conclusion:- bank balance is the amount deposited in bank. and cash balance is the cash in hand.
If a balance in the bank account is overdrawn on what side is the balance brought down?
bank
What does it means if sundry creditor hava a debit balance and credit balance?
If someone has a creditor and has a debit balance and a credit balance this means they have a bank account. The bank account provides the debit card and the bank provides the credit balance.
The process of analyzing the different between the bank statement balance and the checkbook balance is?
Bank reconciliation
Does the US have a favorable or unfavorable balance of trade?
Favorable
Why is the balance as per bank statement on the bank reconciliation statement a credit if its a favorable balance but in the bank account the credit means you owe the bank money?
The Debit and Credit on a bank statement reflect the Bank's accounting records, not yours. So when you deposit money into your account, the bank owes you that money to you - it is a liability for them, therefore a credit entry. Similarly, if they charge you a bank fee, it reduces their liability to you, so they would Debit your account (on their books) and Credit an Income account.
What was the goal of mercantilism?
creation of a favorable balance of trade
Which was a feauture of mercantilism?
seeking a favorable trade balance
Can a nation have a favorable balance of trade and an unfavorable balance of payments?
Yes, as the balance of trade is only one part of the balance of payments
What is bank balance versus cash balance?
bank balance:- A bank balance is that amount which is actually deposited in any of the bank. or the amount which has been credited in your bank account. cash balance: - It is an amount which is there in your hand. i.e., it is otherwise called as cash in hand. or else we can say that the hot cash which is there with you right now is called as a cash balance. conclusion:- bank balance is the amount deposited in bank. and cash balance is the cash in hand.
What was one goal of mercantilism?
creation of a favorable balance of trade
Which was an aspect of mercantilism?
An interest in having a favorable trade balance
What would you use to check your bank balance at the bank?
Check my balance
Is Mexico's balance in trade favorable or unfavorable?
Right now (June 2014), it is favorable by some USD 423 million.
Can you check your bank account balance?
I want to check my A/c
If a balance in the bank account is overdrawn on what side is the balance brought down?
bank
