Raspberry Pi B+ only has 234Mb MemTotal - Is this correct?

Volumio Version 1.55

Raspberry Pi B+ has 512 MB

config.txt sets gpu_mem=16 and gnu_mem_512=16

However when running “cat proc/meminfo” it suggests not all of the memory is be allocated.

Is this correct?

pi@volumio:~$ cat /proc/meminfo
MemTotal: 234620 kB
MemFree: 66760 kB
MemAvailable: 137900 kB
Buffers: 13128 kB
Cached: 101468 kB
SwapCached: 0 kB
Active: 87740 kB
Inactive: 58128 kB
Active(anon): 31392 kB
Inactive(anon): 4720 kB
Active(file): 56348 kB
Inactive(file): 53408 kB
Unevictable: 0 kB
Mlocked: 0 kB
SwapTotal: 0 kB
SwapFree: 0 kB
Dirty: 56 kB
Writeback: 0 kB
AnonPages: 31284 kB
Mapped: 41092 kB
Shmem: 4844 kB
Slab: 10664 kB
SReclaimable: 4688 kB
SUnreclaim: 5976 kB
KernelStack: 752 kB
PageTables: 1588 kB
NFS_Unstable: 0 kB
Bounce: 0 kB
WritebackTmp: 0 kB
CommitLimit: 117308 kB
Committed_AS: 204392 kB
VmallocTotal: 778240 kB
VmallocUsed: 4376 kB
VmallocChunk: 539476 kB

root@volumio:~# cat /proc/cpuinfo
processor : 0
model name : ARMv6-compatible processor rev 7 (v6l)