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Is sales revenue an expense or asset?
Sales is a revenue not an expense or asset while difference between sales and expense is profit which is liability for business.
What is between revenue and expenditure?
revenue is income and expenditure is an expense
What is the sale of merchandise by a company on its own credit card that may result in a debit to service charge expense?
credit to interest revenue
Is Commission a revenue or an expense?
if Commission is received then it is revenue but if commission is paid then it is expense, if commission is receivable then it is asset while if it is payable then it is liability.
What is revenue minus net income?
EXpense
The entry closing the Expense and Revenue Summary is a?
The entry closing the Expense and Revenue Summary is a?
Is sales revenue an expense or asset?
Sales is a revenue not an expense or asset while difference between sales and expense is profit which is liability for business.
What is between revenue and expenditure?
revenue is income and expenditure is an expense
What kind of expense is rent expense?
Rent expense is a Revenue expense and not a capital expense. It is a revenue expense because it recurs from year to year and is not an expense in purchasing a fixed asset. It is classified as a revenue expense also because it features in the income statement of each year and following the principle of accruals, the accountant must, make the necessary end of period adjustments to make sure that the the amount of rent expense that should have paid is charged against revenue and not just the actual cash paid.
What is the sale of merchandise by a company on its own credit card that may result in a debit to service charge expense?
credit to interest revenue
Whats the antonym for revenue?
Expense.
Is Commission a revenue or an expense?
if Commission is received then it is revenue but if commission is paid then it is expense, if commission is receivable then it is asset while if it is payable then it is liability.
What is revenue minus net income?
EXpense
Would costs incurred for advertising be considered revenue or expense?
it is considered as a deferred expense.
Which T-accounts follows the rules of debit and credit in relation to increases and decreases in the opposite manner?
Normal Balance Debit: (Asset, Expense, Dividend) Accounts Receivable Inventory Equipment Supplies Prepaid Rent Prepaid Insurance Cash Supplies Expense Depreciation Expense Rent Expense Salaries Expense Cost of Goods Sold Normal Balance Credit: (Liability, Shareholder Equity, Revenue, Retained Earnings) Accounts Payable Salaries Payable Accumulated Depreciation Retained Earnings Unearned Revenue Service Revenue Common Stock
What accounts are in net income?
Included in net income are the following: 1. All revenue-related accounts, e.g. Sales, service revenue, interest income, rental income, etc. 2. All expense-related accounts, e.g. Purchases, Depreciation, Rental expense, Maintenance expense, Amortization, Utilities expenses, etc. Net income = Revenues - Expenses
Is motor expenses a fixed cost?
The nature of the expense decides whether it is capital or revenue expense. If the expense is incurred for maintaing it in good condition it is revenue nature and it has to be debited in profit & loss account (eg. petrol, service charges, ect.). If the expense is incurred for making it run then it is capital nature and is to be added to the value of the motor car. (eg. change of engine or any important parts which is important for the running of the motor car)
