by pay@crispino.us | Nov 29, 2025 | Assets, Chart of Accounts, Terminologies
Physical structures owned by the company used for operations. Buildings are depreciated over their useful life. Maintenance is expensed, while improvements are capitalized.
by pay@crispino.us | Nov 28, 2025 | Taxes & Regulations, Terminologies
A direct reduction of tax owed, unlike a deduction which reduces taxable income. Examples include education credits and renewable energy credits. More valuable than deductions dollar-for-dollar.
by pay@crispino.us | Nov 25, 2025 | Chart of Accounts, Income, Terminologies
Earnings from facilitating sales or services on behalf of others, such as real estate agents or brokers. Typically a percentage of transaction value. Recorded when earned.
by pay@crispino.us | Nov 17, 2025 | Assets, Chart of Accounts, Terminologies
Funds held as security for future services, leases, or utilities. For example, a rental security deposit recorded as an asset until refunded or applied. It provides assurance that obligations will be met.
by pay@crispino.us | Nov 17, 2025 | Key Accounting Concepts, Terminologies
A principle stating that only information significant enough to influence decisions needs to be reported. Minor errors or omissions may be disregarded. Materiality depends on both size and context.
