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.
by Online Tutorial & Training Guide | Dec 29, 2025 | Chart of Accounts, Expenses, Terminologies
The systematic allocation of an asset’s cost over its useful life. Reflects wear, tear, and obsolescence. Recorded periodically to match expense with revenue.
by Online Tutorial & Training Guide | Dec 20, 2025 | Chart of Accounts, Expenses, Terminologies
Direct costs of producing goods sold, including materials and labor. It directly impacts gross profit. Accurate calculation is essential for pricing and profitability analysis.
by Online Tutorial & Training Guide | Dec 16, 2025 | Chart of Accounts, Expenses, Terminologies
Spending on workshops, courses, or seminars for employees. Enhances skills and productivity. Considered an investment in human capital.
by Online Tutorial & Training Guide | Dec 8, 2025 | Chart of Accounts, Expenses, Terminologies
Unlike corporations, sole proprietors don’t earn a formal salary; they draw money instead. However, some businesses track an “Owner’s Salary” account informally to monitor consistent withdrawals. It always closes out to drawings/capital at year-end.
by Online Tutorial & Training Guide | Dec 8, 2025 | Chart of Accounts, Expenses, Terminologies
A catch-all category for minor expenses that don’t fit elsewhere. Should be monitored to avoid misuse. Best practice is to keep this account minimal.
