Chart of Accounts
A contra account offsets the balance of a related account. For example, accumulated depreciation is a contra asset account that reduces the value of fixed assets. These accounts help provide more accurate reporting by showing gross vs. net values in financial statements.
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Capital Lease
A long-term lease that essentially functions as a purchase. The lessee assumes ownership-like risks and benefits, and the asset is…
Cash Equivalent
Short-term, highly liquid investments that can be quickly converted into a known amount of cash typically within three months. Examples…
Contingent Liability
Contingent liability is a potential obligation that may arise depending on the outcome of a future event, like a lawsuit…
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