by pay@crispino.us | May 15, 2026 | Chart of Accounts, Income, Terminologies
Income from one-time projects, often used in construction, marketing, or event management services. Each project may be tracked separately for job costing. Offers insights into project profitability. by pay@crispino.us | May 12, 2026 | Chart of Accounts, Income, Terminologies
Profit realized when selling fixed assets at a price higher than book value. It is recorded as income separate from regular sales. Helps reflect capital gains in operations. by pay@crispino.us | May 10, 2026 | Chart of Accounts, Expenses, Terminologies
Spending on workshops, courses, or seminars for employees. Enhances skills and productivity. Considered an investment in human capital. by pay@crispino.us | May 10, 2026 | Recording & Adjustments, Terminologies
Costs paid in advance that will benefit future periods, such as prepaid insurance or rent. Initially recorded as assets, then expensed gradually. Matches costs with related revenues. by pay@crispino.us | May 9, 2026 | Accounting Fundamentals, Terminologies
The fundamental formula: Assets = Liabilities + Equity. It shows the relationship between what a company owns, owes, and the residual interest of owners. This equation must always stay in balance.