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Traditional savings accounts often have lower interest rates, while high-yield savings accounts (HYSAs) — offered by many digital and online-only banks — can pay 10 to 20 times more. These ...
Non-current assets are long-term investments, versus current assets that a company can quickly turn into cash.
Contra-accounts are accounts with negative balances that offset other balance sheet accounts. Examples are accumulated depreciation (offset against fixed assets), and the allowance for bad debts (offset against accounts receivable). Deferred interest is also offset against receivables rather than being classified as a liability.
The balance of assets and liabilities (including shareholders' equity) is not a coincidence. Records of the values of each account in the balance sheet are maintained using a system of accounting known as double-entry bookkeeping. In this sense, shareholders' equity by construction must equal assets minus liabilities, and thus the shareholders ...
Deposit accounts can be savings accounts, current accounts or any of several other types of accounts explained below. Transactions on deposit accounts are recorded in a bank's books, and the resulting balance is recorded as a liability of the bank and represents an amount owed by the bank to the customer. In other words, the banker-customer ...
Although many big, traditional banks offer savings accounts with paltry interest rates as low as 0.01 percent, you can find accounts with rates well above 4 percent, mostly at online-only banks ...
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