Bad depts :

Amounts owed to a company that are not going to be paid. An account receivable becomes a bad debt when it is recognized that it won't be paid.

Balance :

Sum of DEBIT entries minus the SUM of CREDIT entries in an ACCOUNT. If positive, the difference is called a DEBIT BALANCE; if negative, a CREDIT BALANCE.

Balance Sheet :

Shows a snapshot at a given point in time of the net worth of the business. It details the assets , liabilities and owner’s equity

Bank reconciliation :

This shows total fund say you have at the end of any financial period matches your bank statement for the same year.

Bank statement :

A report of deposits, withdrawals, and bank balances sent to a depositor by a bank

Bill of lading :

A receipt signed by the authorized agent of a transportation company for merchandise received that also serves as a contract for the delivery of the merchandise

Blank endorsement :

An endorsement consisting only of the endorser’s signature

Board of directors :

a group of persons elected by the stockholders to manage a corporation

Bounced Check :

A check often referred to as an NSF check, a rubber check, or a check that bounced. It is a check that was not paid by the bank of the issuer (writer) of the check because the checking account of the issuer did not have sufficient collected funds in the account

Burden Rate :

A factory or manufacturing overhead rate used to allocate, apply, assign, or spread indirect product costs to items manufactured. Under traditional cost accounting, the burden rate might be a percentage of direct labor cost, or an hourly dollar amount for each direct labor hour or machine hour

Bond :

A written record of a debt payable more than a year in the future. The bond shows amount of the debt, due date, and interest rate.

Bond issue :

All the bonds representing the total amount of a loan

Bond sinking :

Fund an amount set aside to pay a bond issue when due

Book value :

The difference between an asset’s account balance and its related contra account balance

Book value of a plant asset :

The original cost of a plant asset minus accumulated depreciation

Book value of accounts receivable :

The difference between the balance of Accounts Receivable and its contra account, Allowance for Uncollectible Accounts

Breakeven point :

The amount of sales at which net sales is exactly the same as total costs

Budget :

A written financial plan of a business for a specific period of time, expressed in dollars

Budget period :

The length of time covered by a budget

Budgeted income statement :

A statement that shows a company’s projected sales, costs, expenses, and net income

Budgeting :

Planning the financial operations of a business

Book value :

Total assets minus total liabilities. (See also net worth.) Book value also means the value of an asset as recorded on the company's books or financial reports.


Recording financial information

Breakeven point :

The amount of revenue from sales which exactly equals the amount of expense.

Budgeting :

The process of assigning forecasted income and expenses to accounts, which amounts will be compared to actual income and expense for analysis of variances