A love for accounting is rarely the reason someone chooses to become a business owner, but inevitably, accounting knowledge becomes necessary. That’s because regardless of what’s happening — in the business or in the wider economic landscape — finances influence business decisions.

Business leaders looking to improve their financial and accounting literacy should review the following terms and abbreviations. Though this list is not exhaustive, these terms can be a great jumping-off point for more in-depth conversations with your accountants.