BANCASSURANCE Definition

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BANCASSURANCE is a general term describing the broader financial services activities of banks and building societies, in particular their 'insurance company' activities.

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WRITE-UP SERVICE is the provisioning of all reporting requirements of bookkeeping and accounting services. The following is a non-exhaustive list of reporting services provided:

  • 1099s report preparation for subcontractors
  • Bank account reconciliation
  • Check coding
  • Fixed asset schedules
  • Maintenance of general ledger
  • Payroll deposit calculations
  • Payroll tax filings
  • Personal property tax returns
  • Preparation of internal financial statements

RESIDUAL EQUITY THEORY is the theory that common stockholders are considered to be the real owners of the business, i.e., Assets - Liabilities - Preferred Stock = Common Stock.

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