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Record expenses that have incurred but not paid for yet?
Accrued Expenses
Difference between outstanding expenses and unexpired expenses?
Outstanding expnese is that expense which is already incurred but amount is not paid while unexpired expenses are those expenses for which payment is made in advance but actually expenses are not yet incurred.
When are liabilities recognized?
liabilities are recognized when it is incurred regardless of when it is paid
Expenses that are incurred directly or entirely in connection with the sale of merchandise are classified as?
Selling Expenses
Is expnses a balance sheet or a income statement?
All expenses incurred are part of income statement of company whle advance expenses or expenses payable are part of balance sheet.
What is the accrual concept of accounting?
The accrual concept concerns the matching of costs and revenues for the reporting period.
Expenses that have been incurred but not recorded in the accounts?
Expenses incurred but not yet paid or recorded are called accrued expenses.
Record expenses that have incurred but not paid for yet?
Accrued Expenses
Difference between outstanding expenses and unexpired expenses?
Outstanding expnese is that expense which is already incurred but amount is not paid while unexpired expenses are those expenses for which payment is made in advance but actually expenses are not yet incurred.
When is a liability recognized?
When incurred
When are liabilities recognized?
liabilities are recognized when it is incurred regardless of when it is paid
What is preoperative expenses?
Incurred expenses before company formation after commencement of business
Expenses that are incurred directly or entirely in connection with the sale of merchandise are classified as?
Selling Expenses
Is professional fee expense an administrative expense or a selling expense?
Expenses which are incurred for the selling of product is called Selling Expenses while expenses incurred on administration of general day to day tasks are called administration expenses
Your planned trip was cancelled. Do you cancel the authorization?
Only if expenses where occurred.
Is expnses a balance sheet or a income statement?
All expenses incurred are part of income statement of company whle advance expenses or expenses payable are part of balance sheet.
What is the difference between general and administrative expense and overhead expense?
General and administration expenses are those expenses incurred to run day to day business activities. Overhead expenses are factory expenses incurred to run the day to day activities of running production process.
