by pay@crispino.us | Jul 16, 2026 | Assets, Chart of Accounts, Terminologies
Consumable items used in daily operations, like paper, ink, or cleaning products. Supplies are assets until they are consumed. At usage, they are expensed.
by pay@crispino.us | Jul 9, 2026 | Assets, Chart of Accounts, Terminologies
Goods purchased for resale in retail or merchandising businesses. It is a current asset until sold, after which it moves to Cost of Goods Sold. Proper tracking helps maintain accurate gross profit reporting.
by pay@crispino.us | Jul 4, 2026 | Assets, Chart of Accounts, Terminologies
Interest earned but not yet received in cash. It arises from investments or loans. Recognizing this ensures revenues match the period earned.
by pay@crispino.us | Jul 2, 2026 | Assets, Chart of Accounts, Terminologies
Costs incurred for projects still under development, such as a building not yet finished. This account accumulates expenses until the asset is ready for use. Once complete, the balance is transferred to a fixed asset category.
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.
