BANK BALANCE Definition

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BANK BALANCE is the amount of money in a bank account on a particular date as recorded by a financial institution on a bank statement.

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NET OPERATING LOSS (NOL) is experienced by a business when business deductions exceed business income for the fiscal year. For income tax purposes, a net operating loss can be used to offset income in a prior year, or a taxpayer can elect to forego the carry back and carry the net operating loss forward.

CONDENSED FINANCIAL STATEMENTS are presented in considerably less detail than complete financial statements.

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