The Financial Accounting Standards Board (FASB) is an independent organization that establishes accounting standards for businesses and nonprofit organizations in the United States.

An asset is a resource with monetary value that an individual or corporation owns or controls in the expectation of future benefit.

A revenue deficit occurs when a company's sales or government revenue are insufficient to cover its basic operating expenses.

A bank statement is a record that is typically sent to the account holder once a month and summarizes all transactions in an account over a specified time period.

A demand deposit account (DDA) is an account that contains funds that the account owner can withdraw from the depository institution at any time.

A bank run occurs when a large number of customers withdraw their deposits at the same time due to concerns about the bank's solvency. Read about what governments are doing to prevent bank runs.

The Federal Deposit Insurance Corporation (FDIC) is an independent federal agency that insures banks and thrifts in the United States.

A "community bank" is an informal term for smaller banks that primarily serve local residents and businesses.