Tag: Financial terms

February 19, 2020

What is Bankruptcy

DefinitionBankruptcy is a term used to describe an individual’s or organization’s inability to make payment to its creditors or fulfill its outstanding financial obligations. Though the term is mo...

February 18, 2020

Bank Reconciliation

DefinitionA bank reconciliation is a document that matches a company’s cash balance on its balance sheet to the equivalent amount on its bank statement. Bank reconciliation is done at intervals to e...

February 18, 2020

Bank Guarantee (BG)

What is Bank Guarantee (BG)?DefinitionA bank guarantee is a financial term used to refer to the agreement made between three parties—the bank, the beneficiary, and the applicant. The applicant ...

February 18, 2020

Bank Draft

What is Bank Draft?DefinitionA bank draft, also known as teller’s check, is a check provided by a bank to the customer of the bank to remit funds to a specified account. It is drawn on a bank�...

February 18, 2020

Bank Rating

What is Bank Rating?DefinitionBank rating is a set of numerical or alphabetical ranking of banks, thrift, and other financial management organizations by Federal deposit insurance or private comp...