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Budgetary control is the process of comparing actual performance with budgeted figures and taking action where differences arise. It helps management control spending, improve...

Bribery is the offering, giving, receiving, or soliciting of something of value to improperly influence a business or official decision. It is illegal and...

The break even point is the level of sales or output at which total revenue equals total costs, meaning there is no profit and...

A breach of contract happens when one party fails to perform its agreed obligations under a contract. This may involve non-payment, delayed performance, incomplete...

A bookkeeping system is the method or structure used to record and maintain financial transactions. It may be manual, spreadsheet-based, or software-driven such as...

Bookkeeping is the systematic recording of day-to-day financial transactions of a business. It includes entries for sales, purchases, receipts, payments, journal entries, and ledger...

Book value is the value of an asset or equity as shown in the accounting records. For an asset, it usually means original cost...

Book closure is the process of finalizing accounting records for a particular period so that financial statements can be prepared accurately. It usually involves...

Bond yield is the return an investor earns on a bond, based on factors such as interest received, purchase price, and time to maturity....

Bond payable is a long-term liability that arises when a company issues bonds to raise funds from investors. The company is required to pay...

A bond discount arises when a bond is issued for less than its face value or redemption value. This usually happens when the bond’s...

Billed revenue refers to revenue for which an invoice has already been issued to the customer. It means the company has formally raised a...