Question

What is meant by balancing an account??​

Answer 1

Answer:

Balancing of an account is to total both debit and credit sides of an account and putting the difference on that side which is shorter. All ledger accounts are usually closed and balanced at the end of an accounting period.

Answer 2

Answer:

Balancing accounts (also called adjustment accounts) are system accounts used for posting system-generated balancing entries resulting from currency conversion. There are two types of balancing accounts: auto adjustment and report currency adjustment.

The error suspense account can also be used as a currency balancing account

Hope this will help you