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B
Backup: The process of making a duplicate copy of your data for security purposes.
Balance Sheet: A statement of financial position showing the assets, liabilities and equity of a business at a
specific date.
Bank Loan: Bank borrowings, usually to finance receivables and inventory, which the bank will often assign as
security. May be called an operating line; line of credit; or demand loan.
Bonds & Investments: Assets owned by the business as investments, which will normally not be converted into cash within 12 months (NISA, Patronage Equity).
Book Value: The value of an asset’s purchase price less the total of all the CCA Expense (accumulated
depreciation) claimed on the asset.
Break-even Point: That level of operations at which total expenses equal total revenue.
Breeding Livestock: Animals used in production where the herd is kept for more than one year (cows, bulls,
sows, boars, mares).
Buildings: Includes all buildings owned by the business. On a corporate financial statement is usually recorded at construction or purchase cost and includes direct purchase expenses.
Business Percentage: Portion of an expense or income that can be used as a taxable expense or taxable income, such as a phone bill. The remainder is classified as a personal portion of the expense (income) amount.
Last updated on February 17, 2015 by FCC AgExpert