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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
^
38% - Moderately

Balance


Synonyms:calculation, difference, dividend, equality, left over, profit, remainder, surplus
Acronyms &
abbreviations:
bal.
Filed Under: abbreviation, financial-banking
Tags: accounting, banking, classifieds
 

Definition of balance (bal.)

balance (bal.)
1. The amount of money in your account.

Related Terms and Acronyms:

  • accounts receivable (A/R, AR)   Money owed to a business by purchasers of goods and/or services.
  • average daily balance (ADB)   This is the method by which most credit cards calculate your payment due. An average daily balance is determined by adding each day's balance and then dividing that total by the number of days in a billing cycle. The average daily balance is then multiplied by a card's monthly periodic rate, which is calculated by dividing the annual percentage rate by 12.
  • balance transfer fee   Fee charged customers for transferring an outstanding balance from one card to another.
  • joint account (J/A)   A bank account owned by two or more persons who share equally in the rights and liabilities of the account.
  • minimum monthly balance   The least amount of money in a bank account during an entire month.
  • passbook   A book used to record all banking transactions for a designated account.
  • premium balances   A ledger kept by insurance companies recording insurance premiums.
  • rests   The periodical balancing of an account for the purpose of converting interest into principal, and charging the party liable thereon with compound interest.
  • retained earnings   All of the profits or losses accumulated from prior years and from the present year's income statement, minus dividends paid to you.
  • zero balance   What shows on a credit card customer's bill when the outstanding balance has been paid and no new charges have been incurred during the billing cycle.

More Related Terms and Acronyms

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