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Account Balance

net of debits and credits at the end of a reporting period. Term applies to a variety of account relationships such as with banks credit card companies brokerage firms and stores and two classifications of transactions in bookkeeping systems the same account maybe asset account balance or a liability account balance depending on which side of the transaction you are on for example your bank balance is an asset account to you and a liability account to the bank your credit card debit balance is a liability account to you and an asset account accounts receivable to the credit card company 

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