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No, a telephone expense is not a liability; it is an expense incurred by a business for communication services. Expenses represent costs that reduce net income, while liabilities are obligations the company owes to others. Telephone expenses are recorded on the income statement, affecting profitability, while liabilities are recorded on the balance sheet. Thus, they serve different purposes in financial reporting.
What else can I help you with?
Is rent expense a liability?
rent is an expense while outstanding rent is a liability
Is a drawing account an expense or liability?
an expense
Is supplies expense a liability or asset?
Supplies expense is neither an asset nor a liability it is an expense. Prepaid supplies would be an example of an asset and as the supplies are used they become expenses, supplies expense.
Is an accrual expense a liability?
yes
Is purchase returns an asset or liability?
purchase return is assets or liability or expense
Is depreciation expense an asset or liability?
Depreciation expense is neither an asset or liability. It is an expense.
Is rent expense a liability?
rent is an expense while outstanding rent is a liability
Is a drawing account an expense or liability?
an expense
Is a Payment for a vehicle Loan Liability considered an Expense that would show up in my monthly expense report in my Quicken XG 2004?
Yes payment of loan liability is your expense decreasing the liability as well as asset from which you are paying the loan liability.
Is electricity a liability or asset?
Electricity expense is an expense account while accrued electricity payable is a liability account
Is expense a asset or liability?
Supplies expense is neither an asset nor a liability it is an expense. Prepaid supplies would be an example of an asset and as the supplies are used they become expenses, supplies expense.
Is supplies expense a liability or asset?
Supplies expense is neither an asset nor a liability it is an expense. Prepaid supplies would be an example of an asset and as the supplies are used they become expenses, supplies expense.
Is an accrual expense a liability?
yes
Is sales commission a current liability or an expense?
If sales commission is payable in future time then it is current liability but if it is paid already then it is expense.
Why is outstanding expense is credited in outstanding expense account?
Because it is a liability for business
Is purchase returns an asset or liability?
purchase return is assets or liability or expense
What is the journal entry of telephone bill?
telephone bill acto cashWhen you receive the bill, but have not paid it, which is done in accrual accounting but not cash basis, the entry is:Telephone Expense (debit) $$$Telephone Expense Payable (credit) $$$Once the bill is actually paid, even then it is removed from the payable with the following entryTelephone Expense Payable (debit) $$$Cash (credit) $$$If you are paying the bill as you receive it, the only difference is skipping the payable account and debiting the expense account and crediting the cash in a single entry:Telephone Expense (debit) $$$Cash (credit) $$$
