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Yes because audit means protecting the business (lawyers) if a customer wants to sue the business
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Is credit card fee expense a selling or administrative expense?
selling expense.
What is the accounting journal entry to record audit fees?
If paid in cash use the following accounts: A debit to Audit Fee Expense A credit to Cash If the fee is going to be paid at a later date use the following accounts: Debit to Audit fee expense Credit to Audit fee payable Once the fee is paid then we use the following accounts Debit to Audit fee payable Credit to Cash a/c
Are utility expenses a selling or administrative expense?
an Administrative expense
Are miscellaneous expenses an administrative expense or a selling expense?
Administrative one.
Is insurance an administrative expense or selling expense?
Insurance is an administrative expense as administration is authorized to do all these kind of expenses.
Is credit card fee expense a selling or administrative expense?
selling expense.
What is the accounting journal entry to record audit fees?
If paid in cash use the following accounts: A debit to Audit Fee Expense A credit to Cash If the fee is going to be paid at a later date use the following accounts: Debit to Audit fee expense Credit to Audit fee payable Once the fee is paid then we use the following accounts Debit to Audit fee payable Credit to Cash a/c
What is gaap for accounting for audit fees you intend to record the estimated current year audit fees to the provision for audit fee account your CPA states you cannot accure until service is rendered?
You are booking a known expense.
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
Are utility expenses a selling or administrative expense?
an Administrative expense
Are miscellaneous expenses an administrative expense or a selling expense?
Administrative one.
What is the difference between finance expense and administrative expense?
Finance expense is that amount paid for the acquisition and using debt or equity finance like interest, brokerage fee, etc Administrative expense is that amount which is used to run day to day activities of business like admin staff salaries rent insurance etc
Is insurance an administrative expense or selling expense?
Insurance is an administrative expense as administration is authorized to do all these kind of expenses.
Is royalty selling or administrative expense?
administrative
Is an administrative expense an operating expense?
yes
Depreciation expense of building is a administrative expense or a selling expense?
selling expense
Is advertising a selling expense or an administrative expense?
selling
