Balance Sheet
It is a snapshot of a company’s financial position at a specific point in time. It lists assets, liabilities, and owner’s equity, following the formula: Assets = Liabilities + Equity. The balance sheet shows what a business owns and owes, and how much is invested by owners.
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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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