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What is meant by selling expenses?
Selling Expenses are the expenses directly related to producing sales. Typical Selling Expenses would be Advertising and Salesman's Commissions.
Do you include depreciation expense on the income statement?
Yes you do, there is no specific area that it must go under allowing companies to charge depreciation based on what categories the assets cone under (cost of sales, admin expenses, distribution expenses). Although if it's not clear, normally admin expenses would be considered the norm.
What is the definition of functional expenses?
Functional expenses are expenses grouped together according to the purpose for which the expense occurred. Some examples of this would be administrative expenses, program expenses, or cost of goods.
Calculating Cash Basis Net Income?
would consist of prepaid expenses and accrued expenses
What is journal entry of outstanding expenses?
Outstanding expenses are those which are yet to be paid in current financial year. Journal entry would be Expenses a/c dr to Outstanding expenses a/c Outstanding expenses should be crecdited because its a liability for the company.
Which auto expenses would be considered variable?
Insurance premiums
Which of the following products would be considered scarce?
b. Picasso paintings
What are variable expenses with regard to children and divorce?
There are a number of things that would be considered as variable expenses depending on where you live. Things like school fees, insurance, sports programs, and even child care would be a variable expense.
How would you figure your expenses for child support modification if you and your girlfriend share bills?
In general, expenses are not considered when determining child support (except for extraordinary expenses such as very high medical bills). Child support is based on a percentage of net income.
Can Cadbury and Lindt be considered products?
Cadbury and Lindt can not be considered products, because they are brand names. Products that they make would include truffles, creme eggs, and other confections.
What would be considered as proactive products?
Proactive products are skincare products that fight acne on your body and face. Some products are the Green Tea Moisturizer and the Three Step System.
What is meant by selling expenses?
Selling Expenses are the expenses directly related to producing sales. Typical Selling Expenses would be Advertising and Salesman's Commissions.
What is the definition of functional expenses?
Functional expenses are expenses grouped together according to the purpose for which the expense occurred. Some examples of this would be administrative expenses, program expenses, or cost of goods.
Do you include depreciation expense on the income statement?
Yes you do, there is no specific area that it must go under allowing companies to charge depreciation based on what categories the assets cone under (cost of sales, admin expenses, distribution expenses). Although if it's not clear, normally admin expenses would be considered the norm.
Is accounting fees a selling administrative expense?
Sales salaries and commission expenses, if paid for selling the products then it is selling expenses, while if salaries or commission is paid for administration work then it would be classified as administration expense like salary of operation manager etc.
Which business is very bad?
Any business that is considered illegal is bad. Selling or marketing illegal substances or fake products would be considered illegal.
Expenses are to be debit or credit?
An Expense would normally have a debit balance.
