by Online Tutorial & Training Guide | Dec 3, 2025 | Assets, Chart of Accounts, Terminologies
Payments made in advance for goods or services to be received in the future, such as insurance or rent. They are assets until the benefit is realized. Expense recognition occurs gradually over the benefit period.
by Online Tutorial & Training Guide | Dec 1, 2025 | Chart of Accounts, Expenses, Terminologies
Covers legal advice, representation, and filing fees. Critical for risk management. May spike during disputes or acquisitions.
by Online Tutorial & Training Guide | Nov 29, 2025 | Chart of Accounts, Expenses, Terminologies
Payments for services from external experts like lawyers, accountants, or consultants. Recognized when services are rendered. Often project-specific.
by Online Tutorial & Training Guide | Nov 28, 2025 | Chart of Accounts, Liabilities, Terminologies
Obligations related to benefits such as health insurance, retirement contributions, or bonuses. Recorded as liabilities until settled. Important for tracking non-wage compensation.
by Online Tutorial & Training Guide | Nov 26, 2025 | Assets, Chart of Accounts, Terminologies
Goods purchased for resale in retail or merchandising businesses. It is a current asset until sold, after which it moves to Cost of Goods Sold. Proper tracking helps maintain accurate gross profit reporting.
