Cost of goods sold

The cost of goods and materials used to produce the goods/services that were sold for a period.  These are items which would typically be in inventory prior to sale.  The cost of goods sold may also be labeled cost of sales for service firms and would include labor...

Accounts payable

Reflects the balance owed to vendors, contractors, etc. by the organization. This is the amount of money the organization owes for exchanges of services, products, etc. 


Entries to record transactions effects of a period when documentation supporting the transaction has not been received.  Also used for record of transactions recorded for a different period.

Accumulated depreciation

A portion of the value of an asset (usually the original purchase price) that has been “used” during a period. This is the expensing of the value of the asset over time.  The time frame for expensing an asset is usually determined by IRS guidance,...

Fixed assets

Assets that are unlikely to be turned into cash in less than one year and are tangible – can be seen, touched, etc.  Includes furniture, fixtures, computers, equipment, etc.
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