Tag: accounts

What is 'Salary Reduction Simplified Employee Pension Plan - SARSEP' A plan offered by small companies - typically those with fewer than...

What is a 'Bad Debt Recovery' A bad debt recovery is business debt from a loan, credit line or accounts receivable that...

What is 'Bad Debt Reserve' An account set aside by a company to account for and offset losses that arise as a...

What is balance reporting and why is it important for businesses Balance reporting is the process of creating a financial report that provides an overview...

What is the Balance of Payments (BOP)? The balance of payments (BOP) is an accounting record of all monetary transactions between a country and the...

What is 'Canadian Deposit Insurance Corporation - CDIC ' A crown corporation owned by the Canadian government that insures bank deposits up...

What is 'Canada Revenue Agency - CRA' A federal agency that collects taxes and administers tax laws for the Canadian government, as...

What is 'Past Due Balance Method' A system for calculating interest charges based on any outstanding loan or credit charges that remain...

What does 'Past Due' mean Past due is a loan payment that has not been made as of its due date. A borrower who is...

What is 'Passbook Loan' A personal loan extended to a savings-account holder by the custodial bank. Passbook loans use the balance of...