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Learn the Lingo

Avoid misunderstanding. Avoid confusion. Be a boss and bookmark this one for future reference.


Balance Sheet: A report that documents your company’s financial position. Think of the formula as ALE, or Assets = Liabilities + Equity.


Costs of Goods Sold: Direct costs related to the production of your company’s products.


Expenses: Costs incurred in the ordinary course of business.


Accounts Payable: The amount of money you owe suppliers, vendors, etc.


Accounts Receivable: The amount of money owned to you by customers or clients.


Chart of Accounts: A master of all your company’s accounts (assets, liabilities, equity, revenue, expenses).

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