balancing item

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Balancing Item

In accounting, an entry making an adjustment in cases in which two figures do not agree. For example, if two estimates of the value of an asset arrive at two different amounts, an accountant may enter a balancing item for the difference between the two to determine which calculation is correct.

balancing item

see BALANCE OF PAYMENTS.
References in periodicals archive ?
1bn retreat in the negative balance of net balancing items.
He pointed out that there are several considerations that have been introduced in the preparation of the draft budget, including the method of balancing items and observing the rules of preparation of the budget estimates of the Ministry of Finance in 2012, in addition to the objectives of the general policy of the State to control and rationalize public spending, provided in the future vision for Oman's economy.
Many firms get used to accepting exceptions in this data such as test values or balancing items.
The report includes a number of tables, flow charts, illustrative calculations and technical notes, including an outline of the Chart of Accounts that presents classifications of industrial sectors, transactions, assets, and balancing items as well as a set of accounts that set forth the structural relationships.
Other balancing items include $5 million in police department reductions and $7.
Another factor included the noticeable increase of negative balances for net balancing items by EGP 18.
In the SNA there is an Opening Balance Sheet - which for all practical purposes is the Closing Balance Sheet from the previous accounting period; a Balance Sheet of Changes - which recapitulate the accumulation accounts via their balancing items (i.
balancing items, most changes in the accumulation accounts only rearrange assets and liabilities if current account activity (i.
Transactions accounts balance resources and uses without the use of balancing items.
Other key budget balancing items in the plan include payroll reductions ($268 million) to be accomplished mostly by attrition and limited backfill of early retirees, operating efficiencies ($35 million), rightsizing of infrastructure ($16 million), and the use of variable-rate debt ($23 million).
This is illustrated in Chart 3 which shows the net financial surplus and the balancing item for industrial and commerical companies.
The second motivation for adjusting investment was that such an adjustment was consistent with errors elsewhere in the accounts at the time of the forecast, most notably the balancing item allocated to industrial and commercial companies (ICCS) which averaged nearly 3 pounds billion per quarter over this period.

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