CLOSING ACCOUNT Definition

Bookmark and Share

CLOSING ACCOUNT is the determining the balance of an account and posting an entry to offset such balance.

Learn new Accounting Terms

NEGATIVE DOLLAR is a dollar that is owed to another entity.

PLEDGE is a. the transfer or assignment of assets as collateral to secure payment of a debt obligation as when securities are pledged to a lender for a loan secured by the owner of the securities. When securities a pledged, the lender frequently requires the physical transfer of the collateral to preclude possibility of using the same asset for additional pledging; b. the deposit or placing of personal property as security for a debt or other obligation with a person called a pledgee. The pledgee has the implied power to sell the property if the debt is not paid. If the debt is paid, the right to possession returns to the pledgor; or, c. a written or oral agreement to contribute cash or other assets.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.