Bank Reconciliation
The process of matching a company’s internal accounting records with its bank statement to identify discrepancies, errors, or missing transactions. Regular reconciliations ensure accuracy in cash reporting and help detect fraud, double entries, or bank errors before they become bigger issues.
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Break Even Point
The level of sales at which total revenue equals total costs, meaning the business makes no profit but also no…
Book Value
The net value of an asset or business recorded on the books, calculated as the original cost minus depreciation or…
Bookkeeping
The daily recording and organizing of all financial transactions, sales, purchases, receipts, and payments. It’s the foundation of accounting, keeping…
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