Bad-debt
Bad debt is a money owed to a business that is unlikely to be collected, usually from customers who can’t or won’t pay. It’s written off as an expense and reduces accounts receivable. Recognizing bad debt helps present a more accurate picture of expected income and financial health.
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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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