by pay@crispino.us | Apr 30, 2026 | Key Accounting Concepts, Terminologies
Requires a business to use the same accounting methods from period to period. This allows for comparability across time. Any changes must be disclosed and justified.
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.
