Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Average daily balance
see daily balance.
Balance
ub. 1. To compute the difference between the debits and credits of (an account) <the accountant balanced the company's books>. 2. To equalize in number, force, or effect; to bring into proportion <the company tried to balance the ratio of mid-level managers to assembly-line workers>. 3. To measure competing interests and offset them appropriately <the judge balanced the equities before granting the motion>. - balance, n.
Balance of power
int'z law. A relative equality of force between countries or groups of countries, as a result of which peace is encouraged because no country is in a position to predominate.
Balance of probability
see preponderance of the evidence.
Balance sheet
a statement of an entity's current financial position, disclosing the value of the entity's assets, liabilities, and owners' equity. - also termed statement of financial condition; statement of condition; statement of financial position. Cf. Income statement.
Balance-sheet insolvency
see insolvency.
Balance-sheet test
see balance-sheet insolvency under insolvency.
Balanced economy
see economy.
Balanced fund
see mutual fund.
balanced economy
An economy in which the monetary values of imports and exports are equal.
balanced fund
A mutual fund that maintains a balanced investment in stocks and bonds, investing a certain percentage in senior securities.
checks and balances
The theory of governmental power and functions whereby each branch of government has the ability to counter the actions of any other branch, so that no single branch can control the entire government. ( For example, the executive branch can check the legislature by exercising its veto power, but the legislature can, by a sufficient majority, override any veto. See SEPARATION OF POWERS.
compensating balance
The amount of money a borrower from a bank is required to keep on deposit as a condition for a loan or a line of credit.
credit balance. Accounting
The status of an account when the sum of the credit entries exceeds the sum of the debit entries.
daily balance
The final daily accounting for a day on which interest is to be accrued or paid. average daily balance. The average amount of money in an account (such as a bank account or credit-card account) during a given period. 0 This amount serves as the basis for computing interest or a finance charge for the period.
declining-balance depreciation method
A method of computing the annual depreciation allowance by multiplying the asset's undepreciated cost each year by a uniform rate that may not exceed double the straight-line rate or 150 percent.
net balance
See net proceeds under PROCEEDS.
normal balance.
A type of debit or credit balance that is usu. found in ledger accounts. 0 For example, assets usu. have debit balances and liabilities usu. have credit balances. normal college. See NORMAL SCHOOL.
traffic balance
The balance of moneys collected in payment for transporting passengers and freight.