0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
What type of account is a prepaid expense account?
A prepaid expense account is an asset, thus not a temporary account either.
Is utilities asset or expense?
Expense
What type of account is purchases lost?
Expense account
What type of account is insurance expense?
liability
Account type and normal balance of prepaid expense?
asset, debit
What type of account is a prepaid expense account?
A prepaid expense account is an asset, thus not a temporary account either.
What account type is a prepaid expense account?
A prepaid expense account is an asset, thus not a temporary account either.
Is utilities asset or expense?
Expense
What type of account is purchases lost?
Expense account
What type of account is insurance expense?
liability
Which of these is an example of a variable expense?
Utilities
Define maintenance and other operating expenses?
Operating Expenses are expenses that are incurred while running a business. Maintenance Expense could be considered anything from the cost of maintaining a company vehicle to repairs made on a building or some other type of "maintenance" that is require by the business in order to function at 100%. Many expenses have their own account such as, Utilities Expense, Rent Expense, Insurance Expense, Interest Expense, Supply Expense, just to name a few. Other expense may not have a specific account in which to be recorded, such as Travel Expense, Food Expense (perhaps to entertain a possible client), these expense are often listed under "Other Expenses".
What account type is salary?
Salary is an expense for business and that's why shown under income statement as an expense.
Is telephone utilities?
Telephone Expense could be included under Utilities Expense for Financial Statement purposes. However, both telephone and gas/electric are usually substantial enough to warrant their own accounts, along with Other Utilities (water, sewer, etc) - the three accounts being combined as Utilities Expense on the Income Statement.
Account type and normal balance of prepaid expense?
asset, debit
Year end adjustments to an asset account would I also adjust the expense account?
Type your answer here... no
What is cash interest expense?
A cash interest expense is a cash amount that accrues interest. These types of expenses vary depending on the type of account and the money present in the account.
