Posts Tagged‘accounting’

4 Accounting Basics Everyone Should Know

If you own a business, then speaking accounting language is essential. Even when discussing personal assets, the proper terms help others know what you are talking about. Let’s look at some basic accounting terms and what they mean. Financial Statements Image via Flickr by Ken Teegardin The balance sheet, statement of cash flow, and income statement are three types of financial statements everyone needs to understand. The balance sheet gives a picture of assets and liability whether for your business or you personally. Statements of cash flow point to the change in cash during a specific time period, be it a week,…