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When to remove bad debt expense?
The bad debt expense is generally removed at the end of the financial year, as it may classify as a deductible item when reporting tax at the end of the financial year.
What is the difference between direct expense and indirect expense in financial account?
give the full chart of the direct and indirect expenses . detail about this
Is rent expense an current asset or non current assets?
Rent expense is an expense. If you pre-pay it (prepaid expense), it is a current asset, because you are generally only going to be prepaying it for like a month or so in advance.. Current asset - financial benefits received within 12 months. Non-current asset - financial benefit received beyond 12 months.
What is an example of an account title?
Certainly! Account titles are essential components of an organization's accounting system, serving as labels or names to identify specific financial accounts. These titles are crucial for categorizing and tracking various financial transactions. Common account titles include "Cash" for physical currency and bank balances, "Accounts Receivable" for amounts owed by customers, "Accounts Payable" for the company's obligations to suppliers, "Inventory" for the cost of goods held for sale, "Sales Revenue" for total sales income, "Rent Expense" for rental or leasing costs, "Wages and Salaries Expense" for employee compensation, "Utilities Expense" for utility costs, "Depreciation Expense" for asset value decreases, "Interest Expense" for interest payments, "Owner's Equity" for owner's investment and equity changes, and "Income Tax Expense" for income tax liabilities. These account titles help organize financial data and facilitate reporting and analysis, making them essential tools in the world of accounting.
Is an office expense an indirect expense?
yes it is an indirect expense
When to remove bad debt expense?
The bad debt expense is generally removed at the end of the financial year, as it may classify as a deductible item when reporting tax at the end of the financial year.
What does the term essential expense mean in financial terms?
An essential expense is an expense that is necessary, for example rent or salary. It is something that cannot be gotten rid of or trimmed.
What is the difference between direct expense and indirect expense in financial account?
give the full chart of the direct and indirect expenses . detail about this
Where do the Maintenance expense go on the financial statement?
Maintence Expense is just like any other expense and will be reported on the income statement and deducted from Gross Income to obtain Net Income...
How is Interest Expense with a credit balance classified in the financial statements?
An Interest Expense with a credit balance is reclassified as Interest Payable on the Balance Sheet.
Where does utilities expense appear on the financial statement?
It typically falls on the income statement under general and administrative expenses.
Depreciation expense appears on what financial statement?
Income Statement
Is rent expense an current asset or non current assets?
Rent expense is an expense. If you pre-pay it (prepaid expense), it is a current asset, because you are generally only going to be prepaying it for like a month or so in advance.. Current asset - financial benefits received within 12 months. Non-current asset - financial benefit received beyond 12 months.
What expense category could be eliminated through good financial planning?
debts
What is a accrued expense?
Accrued expenses arethe expenses which are not yet paid during the financial year for the services rendered during the financial year.
Is accrued expense a financial liability?
If you are doing adjusting entries, an accrued expense will affect a balance sheet account (payable) and an income statement account (expense). Such as accrued interest at the end of year would be: Interest Expense (Debit) Interest Payable (Credit)
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
