by pay@crispino.us | Aug 21, 2026 | Assets, Chart of Accounts, Terminologies
Represents reductions in purchases when goods are returned or discounts are received for defective merchandise. It is a contra-account to Purchases. Provides insights into vendor reliability. by pay@crispino.us | Aug 18, 2026 | Recording & Adjustments, Terminologies
Journal entries made at the end of an accounting period to reset temporary accounts (revenues, expenses, drawings) to zero. Their balances transfer to permanent accounts like capital or retained earnings. This prepares books for the next cycle. by pay@crispino.us | Aug 17, 2026 | Other Key Terms, Terminologies
The conclusion issued by an auditor on financial statements. Types include unqualified (clean), qualified, adverse, and disclaimer. It influences stakeholders’ confidence. by pay@crispino.us | Aug 16, 2026 | Chart of Accounts, Equity, Terminologies
In sole proprietorships, this represents the owner’s initial and ongoing contributions. It reflects investment and retained profits. Balances with drawings or withdrawals. by pay@crispino.us | Aug 13, 2026 | Chart of Accounts, Liabilities, Terminologies
Wages owed to employees for work performed but not yet paid. Recorded as a current liability until settled. Ensures accurate matching of labor costs to the correct period.