ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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BALANCE SHEET Definition
BALANCE SHEET is an itemized statement that lists the total assets and the total liabilities of a given business to portray its net worth at a given moment of time. The amounts shown on a balance sheet are generally the historic cost of items and not their current values.
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FEDERAL FUNDS are reserve balances that depository institutions lend each other, usually on an overnight basis. In addition, federal funds include certain other kinds of borrowings by depository institutions from each other and from federal agencies.
ACCOUNTING CONVENTION see CONVENTION.
