by pay@crispino.us | Oct 11, 2025 | Internal Controls & Compliance, Terminologies
An independent examination of financial statements by a third-party auditor. Provides assurance to investors, creditors, and regulators. Required for public companies and many large entities.
by pay@crispino.us | Oct 10, 2025 | Chart of Accounts, Expenses, Terminologies
Covers legal advice, representation, and filing fees. Critical for risk management. May spike during disputes or acquisitions.
by pay@crispino.us | Oct 8, 2025 | Chart of Accounts, Liabilities, Terminologies
Represents obligations to provide goods or services for gift cards sold but not yet redeemed. It remains a liability until redemption occurs. Important for revenue recognition compliance.
by pay@crispino.us | Oct 7, 2025 | Chart of Accounts, Expenses, Terminologies
The cost of borrowing money through loans or bonds. Recorded based on accruals, not just payments. Impacts net income directly.
by pay@crispino.us | Oct 6, 2025 | Chart of Accounts, Equity, Terminologies
Equity that has preferential rights to dividends or liquidation proceeds compared to common stock. Usually non-voting but offers stable returns. Hybrid between debt and equity.
by pay@crispino.us | Oct 5, 2025 | Assets, Chart of Accounts, Terminologies
Represents the cost of real estate owned by the business. Unlike other assets, land is not depreciated because it does not wear out. It retains or increases value over time.
by pay@crispino.us | Oct 2, 2025 | Taxes & Regulations, Terminologies
An indirect tax charged on goods and services at the point of sale. The business collects it on behalf of the government. Must be reported and remitted regularly.
by pay@crispino.us | Oct 1, 2025 | Chart of Accounts, Liabilities, Terminologies
Amounts withheld from employee wages (like taxes or retirement contributions) that must be remitted. It ensures accurate compliance with payroll regulations. Cleared once payments are made.
by pay@crispino.us | Sep 30, 2025 | Chart of Accounts, Expenses, Terminologies
Costs of electricity, water, gas, and internet. Essential for daily operations. Variable depending on usage and seasonality.
by pay@crispino.us | Sep 29, 2025 | Assets, Chart of Accounts, Terminologies
A small fund kept on hand for minor or incidental expenses like office supplies or local travel. It avoids the need for frequent check issuance or credit card use. The fund is replenished periodically with documentation.
