by pay@crispino.us | May 11, 2026 | Chart of Accounts, Expenses, Terminologies
Covers consumables or materials used to deliver services (e.g., cleaning supplies for janitorial work, parts for repair services). Unlike merchandise, they are not resold. Recorded as a direct cost of service delivery.
by pay@crispino.us | May 8, 2026 | Internal Controls & Compliance, Terminologies
Processes designed to safeguard assets, ensure reliable reporting, and promote compliance with laws. Includes separation of duties, approvals, and reconciliations. A strong system reduces fraud risk.
by pay@crispino.us | May 6, 2026 | Assets, Chart of Accounts, Terminologies
A contra-asset account estimating the portion of receivables unlikely to be collected. It aligns revenues with probable losses. It prevents overstating assets in financial reports.
by pay@crispino.us | May 5, 2026 | Chart of Accounts, Liabilities, Terminologies
Any borrowing with repayment terms beyond one year. This may include bank loans, bonds, or lease obligations. Provides major financing but increases leverage.
by pay@crispino.us | May 4, 2026 | Chart of Accounts, Liabilities, Terminologies
A category for uncommon obligations not classified elsewhere, such as deferred compensation or contingent liabilities. Used sparingly. Helps avoid clutter in reporting.
