by Action Tax | Glossary
Account Balance The net of credits and debits for an account at the end of a reporting period. Account Reconciliation The process of ensuring that the beginning balance plus the sum of all entries on an account statement equals the ending balance. After deposits,...
by Action Tax | Glossary
401(k) A retirement account to which an eligible employee can contribute a certain amount of his or her pretax salary; earnings are tax-deferred. Some employers may match a stated percentage of employee 401(k) contributions. The reduced cost and liability of 401(k)...
