Invertext Online Technical Dictionary


transitive verb  


Definition 1

In accounting, ascertain, find (balance) by deducting credit or debit amounts from the other, typically to discover the amount or amounts responsible for the imbalance, e.g. profit, loss, etc.

Source: Invertext, from Concise Oxford Dictionary

Context: The underwriting year is closed by striking a balance of profit that includes a provision for all outstanding claims relating to policies incepting in that year.


Related words

strike a balance 1

Appears in the following subjects

Banking, Money and Currencies, Accounting