by pay@crispino.us | Apr 9, 2026 | Chart of Accounts, Expenses, Terminologies
Estimation of receivables that are unlikely to be collected. Recorded to align with the matching principle. Prevents overstated income.
by pay@crispino.us | Mar 31, 2026 | Chart of Accounts, Equity, Terminologies
Used in partnerships to track each partner’s contributions, share of profits, and withdrawals. Ensures fairness and clarity in multi-owner entities. Balances fluctuate as activities occur.
by pay@crispino.us | Mar 30, 2026 | Recording & Adjustments, Terminologies
Revenue earned but not yet billed or collected. For example, consulting services provided in December but invoiced in January. Recognized under accrual accounting.
by pay@crispino.us | Mar 30, 2026 | Accounting Proram, Terminologies
Compares actual financial performance against budgeted or forecasted amounts. Highlights over- and under-performance areas. A standard tool for management review.
by pay@crispino.us | Mar 29, 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.
