What is defined as the difference between total debits and total credits in an account?

The term defined as the difference between total debits and total credits in an account is known as "Balance." In accounting, a balance reflects the financial standing of an account after all transactions have been accounted for. This involves summing all debits and subtracting the total credits, which results in either a positive or negative balance.

This balance is crucial for understanding the financial position of the account and aids in effective financial management. Monitoring the balance helps ensure that financial records are accurate and up-to-date, which is essential for various financial analyses, reports, and decision-making processes.

Other terms like "Net Balance," "Account Reconciliation," and "Account Ledger" refer to various aspects of accounting but do not specifically define the difference between debits and credits in the manner that "Balance" does.