Online Accounting Dictionary

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Balance sheet presents assets, liabilities and owner's equity at a specific date. A balance sheet is also called Statement of Financial Position.
Balance sheet date is the date as of which the balance sheet is prepared. For example, most businesses prepare their balance sheets at least once a year as of December 31. However, the balance sheet date is not the date when a balance sheet is actually prepared and becomes available.
Bank reconciliations compare bank records (from bank statements) with the company's general ledger (cash accounts). In this case an external source (bank statements) is used in preparing reconciliations. Bank reconciliations assist in ensuring that the company's records (general ledger cash account, etc.) and the bank records are complete and correct.
Batch-level activity is an activity performed on each batch of products or services regardless of how many units are in the batch. For instance, the cost of setting up equipment is the same whether the batch has ten or thousand units.
Book value (also called carrying value) is the result of asset and related contra asset accounts offset. In other words, book value is the difference between an asset account (i.e. cost) and corresponding contra asset account (e.g. accumulated depreciation).
Break-even analysis is a part of cost-volume-profit (CVP) analysis which aims to determine break-even point.
Break-even point is the level of sales at which total revenues are equal to total costs (expenses).

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