In accounting and investment, what is the difference and relationship between balance and position?

Question

In accounting and investment, what are the difference and relation between balance and position, when talking about a checking/saving/investment account? Or are they the same concept? Thanks and regards!

Answer 1

I will answer this question from an accounting perspective.

Since your accounts are balance sheet accounts, the terms balance and position are the same concept. All balance sheet accounts are amounts as of a particular point in time. The balance sheet is as of December 31, 201X or as of March 31, 201X.

The income statement is the cumulative amount in an account for a specific period of time. The income statement is for the year ended December 31, 201X or the quarter ended March 31, 201X.