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.
by pay@crispino.us | Sep 28, 2025 | Internal Controls & Compliance, Terminologies
An evaluation performed by employees of the organization to assess internal controls, compliance, and operational efficiency. Focuses on risk management and improvement. Complements external audits.
by pay@crispino.us | Sep 25, 2025 | Assets, Chart of Accounts, Terminologies
The value of goods held for sale or raw materials used in production. It is a current asset expected to be converted into cash through sales. Proper tracking avoids stockouts and overstocking.
by pay@crispino.us | Sep 22, 2025 | Chart of Accounts, Expenses, Terminologies
Reductions in sales prices given to customers, usually for early payment or promotions. Recorded separately from gross sales to show net sales. Useful for analyzing pricing strategies.
by pay@crispino.us | Sep 19, 2025 | Chart of Accounts, Equity, Terminologies
Used in partnerships to track each partner’s contributions, share of profits, and withdrawals. Ensures fairness and clarity in multi-owner entities. Balances fluctuate as activities occur.
by pay@crispino.us | Sep 17, 2025 | Financial Statements, Terminologies
Measures how effectively a company generates profit from shareholders’ investments. Calculated as Net Income ÷ Shareholders’ Equity. A key metric for investors.
