by Online Tutorial & Training Guide | Jan 15, 2026 | Chart of Accounts, Expenses, Terminologies
Payments to outside contractors or freelancers who provide part of a contracted service. Common in construction, design, and professional services. Considered a direct operating expense.
by Online Tutorial & Training Guide | Jan 13, 2026 | Chart of Accounts, Income, Terminologies
Income from selling goods or services. It is the primary revenue stream for most companies. Recorded net of returns and discounts.
by Online Tutorial & Training Guide | Jan 12, 2026 | Chart of Accounts, Expenses, Terminologies
The cost of borrowing money through loans or bonds. Recorded based on accruals, not just payments. Impacts net income directly.
by Online Tutorial & Training Guide | Jan 10, 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.
by Online Tutorial & Training Guide | Jan 4, 2026 | Chart of Accounts, Expenses, Terminologies
Spending on meals, events, or hospitality to build client relationships. Subject to regulatory and tax restrictions. Needs proper documentation for deductions.
by Online Tutorial & Training Guide | Dec 29, 2025 | Chart of Accounts, Expenses, Terminologies
Costs for business permits, registration, or property taxes. Necessary to operate legally. Recurs annually or periodically.
