Bank Overdraft
Bank overdraft is a negative bank balance that happens when withdrawals exceed available funds, but the bank covers the shortfall. It’s essentially a short-term loan and is recorded as a liability. Overdrafts may come with fees or interest, making them a costly form of credit if unmanaged.
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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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