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.
by pay@crispino.us | May 9, 2026 | Chart of Accounts, Liabilities, Terminologies
A long-term liability secured by real property. Payments typically include both principal and interest. Often broken into current and long-term portions.
by pay@crispino.us | May 7, 2026 | Chart of Accounts, Expenses, Terminologies
Spending on marketing activities such as online ads, print media, or billboards. Helps attract customers and build brand awareness. Considered a discretionary expense.
by pay@crispino.us | May 4, 2026 | Chart of Accounts, Expenses, Terminologies
Similar to depreciation but applied to intangible assets like patents or software. It spreads cost over the asset’s useful life. Ensures compliance with accrual accounting.
by pay@crispino.us | May 2, 2026 | Chart of Accounts, Expenses, Terminologies
Covers fuel, repairs, and upkeep of company-owned vehicles. Essential for logistics and transportation-heavy businesses. Requires mileage tracking for compliance.
by pay@crispino.us | May 2, 2026 | Internal Controls & Compliance, Terminologies
A documented history of a transaction that allows it to be traced from initiation to reporting. Ensures accountability and transparency. Auditors rely on audit trails during examinations.
