CLOSING ACCOUNT is the determining the balance of an account and posting an entry to offset such balance.
CAPITAL ADEQUACY is a measure of the financial strength of a bank or securities firm, usually expressed as a ratio of its capital to its assets. For banks, there is now a worldwide capital adequacy standard, drawn up by the Basle Committee of the Bank for International Settlements. This ratio requires banks to have capital equal to 8 per cent of their assets.
PROFIT & LOSS ACCOUNT shows the net profit which is left after all relevant business expenses have been deducted.
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