by pay@crispino.us | Jul 4, 2026 | Chart of Accounts, Equity, Terminologies
Tracks additional funds or assets contributed by the owner during the business’s operation (beyond initial capital). It highlights the reinvestment made by the owner to support growth. This account feeds into Owner’s Capital.
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 | Jul 1, 2026 | Chart of Accounts, Liabilities, Terminologies
Long-term liabilities for leased property or equipment under accounting rules. Depending on terms, leases can be operating or finance leases. Recognized on the balance sheet to show commitments.
by pay@crispino.us | Jun 30, 2026 | Financial Statements, Terminologies
Also called the Profit and Loss Statement, it summarizes revenues, expenses, and net income over a period. It shows how profitable the business was during that time. Investors and managers use it to assess performance.
by pay@crispino.us | Jun 27, 2026 | Chart of Accounts, Income, Terminologies
Income earned from providing professional advice or specialized services. Recognized when the service is rendered. Common for service-based businesses like law, IT, and accounting.
by pay@crispino.us | Jun 27, 2026 | Key Accounting Concepts, Terminologies
Assumes that a business will continue operating into the foreseeable future. This justifies reporting assets at historical cost rather than liquidation value. If the going concern is doubtful, disclosures are required.
