Debit balance: Difference between revisions
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#''Financial accounting.'' In financial accounting a debit balance is an asset within the balance sheet, or an expense within the profit and loss account (or income statement). | #''Financial accounting.'' In financial accounting a debit balance is an asset within the balance sheet, or an expense within the profit and loss account (or income statement). | ||
#''Banking.'' In banking a debit balance - in the bank's records - is one which stands in favour of the bank. The customer owes money to the bank. Also known as an overdrawn balance. | #''Banking.'' In banking a debit balance - in the bank's records - is one which stands in favour of the bank. The customer owes money to the bank. Also known as an overdrawn balance. (Contrasted with a credit, or positive, balance in the bank's records. Being a balance standing in favour of the customer.) | ||
(Contrasted with a credit, or positive, balance in the bank's records. Being a balance standing in favour of the customer.) | |||
Revision as of 15:06, 5 August 2013
- Financial accounting. In financial accounting a debit balance is an asset within the balance sheet, or an expense within the profit and loss account (or income statement).
- Banking. In banking a debit balance - in the bank's records - is one which stands in favour of the bank. The customer owes money to the bank. Also known as an overdrawn balance. (Contrasted with a credit, or positive, balance in the bank's records. Being a balance standing in favour of the customer.)
