BALANCE is: a. equality between the totals of the credit and debit sides of an account; or, b. the difference between the totals of the credit and debit sides of an account.
ACCRUED PAYROLL is a liability arising from employees salary expense that has been incurred but not paid.
PREREFUNDING is the the issuing of new securities to refund an outstanding security. Proceeds from the new securities are used to buy instruments, usually U.S. Treasuries, to be held in escrow for the purpose of retiring bonds or preferred stock.
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