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TeachMeFinance.com Account Balance -- What remains after credits and debits have been made upon the termination of a reporting period. The term may be used for a range of account relationships such as with banks and brokerage firms, and to the arrangement of business deals in a system of bookkeeping. The agent's position in a transaction determines whether an account is an asset balance account or a liability account balance. As an example, a debit on a credit card account is a liability account to the customer and an asset account to the credit card company. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2007 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.