Bad debt
An account receivable amount from a customer that will never be collected.
|
Balance
1) The amount remaining in a general ledger account. Or 2), the whether the two sides of a ledger are "in" balance or "out" of balance, i.e., the debits either equal or don't equal the credits.
|
Balance Sheet
One of the three primary financial statements, the balance sheet reflects the measurement of the company's assets, liabilities and equity position at a given point in time.
|
Bank charge
Service fees and other charges a bank levies on its customers.
|
Bank reconciliation
A process by which to compare an entity's book cash balance with the bank's cash balance as of a given period to note any discrepancies.
|
Bankrupt
When a company's liabilities exceed their assets to such an extent they seek protection under the law from creditors.
|
Beginning inventory
The amount of inventory on hand or recorded as of the beginning of the accounting period. Also, the beginning inventory figure is the ending inventory figure from the previous accounting period.
|
Big picture
Accounting jargon for knowing how all the general ledger accounts function in an accounting system.
|
Billings
Invoices sent to customers or clients that reflect the amount due for goods sold or services rendered.
|
Book inventory
The amount of inventory recorded in the general ledger as opposed to the actual amount of inventory on hand.
|
Book value
The difference between the original cost of an asset and its accumulated depreciation.
|
Books
A general reference to all of the financial journals and ledgers associated with a set of financial statements.
|
Bottom line
A popular way of referring to Net Profit or Loss.
|
Budget
An itemized summary of probable expenses and revenue for a given accounting period.
|
By-product
Something produced in the making of something else.
|