by pay@crispino.us | Jun 3, 2026 | Assets, Chart of Accounts, Terminologies
A contra-asset account that records the total depreciation expense charged against fixed assets. It reduces the book value of assets over time. This reflects wear, tear, or obsolescence.
by pay@crispino.us | May 22, 2026 | Assets, Chart of Accounts, Terminologies
Cash or personal resources transferred by the owner to fund business operations. Recorded as a business asset but increases Owner’s Capital simultaneously. Important to separate from personal accounts for legal and tax purposes.
by pay@crispino.us | May 19, 2026 | Chart of Accounts, Liabilities, Terminologies
Money received before goods or services are delivered. It is a liability until the company fulfills its obligation. Examples include advance payments for subscriptions or bookings.
by pay@crispino.us | May 19, 2026 | Assets, Chart of Accounts, Terminologies
Assets held for more than a year, such as stocks, bonds, or real estate. They are not intended for quick liquidation. Used for strategic growth or income generation.
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.
