In mass balance equations, capital V typically represents volumetric flow rate, while lowercase v often denotes velocity. The continuity equation asserts that mass in equals mass out, preventing mass accumulation in a control volume. The mass flow rate, expressed as dm/dt, is derived from the product of density and volumetric flow rate. The inverse of density is specific volume, which is the volume occupied by a unit mass of a substance. Understanding these concepts is crucial for analyzing fluid dynamics and mass transfer in various applications.