by pay@crispino.us | Mar 8, 2026 | Assets, Chart of Accounts, Terminologies
Office desks, chairs, cabinets, and fixtures used in daily operations. Like equipment, they are depreciated. They support operational efficiency.
by pay@crispino.us | Mar 7, 2026 | Assets, Chart of Accounts, Terminologies
A contra-asset account that records the total depreciation expense charged against fixed assets. It reduces the book value of assets over time. This reflects wear, tear, or obsolescence.
by pay@crispino.us | Mar 5, 2026 | Assets, Chart of Accounts, Terminologies
Company-owned cars, trucks, or vans used for deliveries or travel. These assets are depreciated over their useful life. They are tracked separately for tax and operational purposes.
by pay@crispino.us | Mar 4, 2026 | Chart of Accounts, Expenses, Terminologies
Represents taxes on net income owed to the government. Calculated based on taxable income, not accounting profit. A standard line item on income statements.
by pay@crispino.us | Feb 26, 2026 | Assets, Chart of Accounts, Terminologies
Cash or personal resources transferred by the owner to fund business operations. Recorded as a business asset but increases Owner’s Capital simultaneously. Important to separate from personal accounts for legal and tax purposes.
by pay@crispino.us | Feb 26, 2026 | Measurement & Valuation, Terminologies
Occurs when an asset’s market value drops below its book value. Impairment losses are recognized to reflect reduced economic benefit. Common for goodwill or investments.
