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.
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