by Small Business Accounting Software | Nov 14, 2025 | Chart of Accounts, Terminologies
Money received before goods or services are delivered. It is a liability until the company fulfills its obligation. Examples include advance payments for subscriptions or bookings.
by Small Business Accounting Software | Nov 14, 2025 | Terminologies
A U.S. law passed in 2002 to enhance corporate governance and financial transparency. Requires stricter internal controls and auditor independence. Applies mainly to publicly traded companies.
by Small Business Accounting Software | Nov 10, 2025 | Chart of Accounts, 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 Small Business Accounting Software | Nov 9, 2025 | Terminologies
The estimated selling price of inventory minus costs of completion and selling. Ensures inventory is not overstated. A conservative valuation method.
by Small Business Accounting Software | Nov 7, 2025 | Terminologies
Money received before services are performed or goods are delivered. Treated as a liability until obligations are fulfilled. Common with subscriptions and advance bookings.
