Question

what is meant by balancing of an account?explain the various steps taken while balancing account

Answer 1

It can also be the total amount of money owed to a third party such as a credit card company,utility company , mortage banker or other type of lender or creditor . The account balance is always the net amount after factoring in all debits and cedits

Answer 2

An account balance is the amount ofmoney in a financial repository, suchas achecking account, at any given moment.