by pay@crispino.us | Apr 29, 2026 | Accounting Proram, Terminologies
Compares actual financial performance against budgeted or forecasted amounts. Highlights over- and under-performance areas. A standard tool for management review.
by pay@crispino.us | Apr 28, 2026 | Accounting Proram, Terminologies
Issued to increase the amount payable on an invoice, often due to under-billing or additional charges. Works as the opposite of a credit note. Ensures accuracy in payables and receivables.
by pay@crispino.us | Apr 28, 2026 | Chart of Accounts, Liabilities, Terminologies
A category for uncommon obligations not classified elsewhere, such as deferred compensation or contingent liabilities. Used sparingly. Helps avoid clutter in reporting.
by pay@crispino.us | Apr 25, 2026 | Other Key Terms, Terminologies
The master set of accounts that consolidates all financial transactions of a business. It contains both balance sheet and income statement accounts. The G/L is the backbone of financial reporting.
by pay@crispino.us | Apr 14, 2026 | Financial Statements, Terminologies
A financial statement that reports a company’s assets, liabilities, and equity at a specific point in time. It provides a snapshot of financial health and solvency. The balance sheet answers, “What do we own, and how is it financed?”
by pay@crispino.us | Apr 14, 2026 | Measurement & Valuation, Terminologies
The systematic allocation of the cost of tangible assets (e.g., buildings, equipment) over their useful lives. It reflects wear and obsolescence. Depreciation is an expense but does not involve cash outflow.
by pay@crispino.us | Apr 13, 2026 | Chart of Accounts, Income, Terminologies
Revenue earned by granting franchise rights. May include upfront fees and ongoing royalties. A key revenue account for franchisors.
by pay@crispino.us | Apr 2, 2026 | Chart of Accounts, Expenses, Terminologies
Represents reductions in sales revenue due to returned goods or price concessions. A contra-expense account that offsets revenues. Important for tracking customer satisfaction and product quality issues.
by pay@crispino.us | Mar 31, 2026 | Key Accounting Concepts, Terminologies
Recognizes revenues when earned and expenses when incurred, regardless of cash movement. This method provides a more accurate picture of financial performance. Required by most accounting standards.
by pay@crispino.us | Mar 29, 2026 | Accounting Proram, Terminologies
A method of entering multiple transactions at once instead of recording them individually. Saves time when dealing with repetitive entries like payroll or bulk invoices. Useful for high-volume businesses.
