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Is cost of sales as the same as expense?
Cost of sales (or cost of goods sold) refers specifically to the direct costs associated with producing or purchasing the goods that a company sells during a period. While it is a type of expense, it is distinct from other operating expenses, such as selling, general, and administrative costs. Therefore, while all cost of sales are expenses, not all expenses are classified as cost of sales.
When should be the cost of product warranty included as an expense?
Just as with any other cost of doing business, When the expense is incurred in the course of production or service then those costs should be included in expenses.
What is the general approach as to when product cost are recognized as an expense?
Product costs are recognised as expenses when those products are sold to third party or end user until that cost remains as an asset in business.
Is telephone cost a variable cost?
No, telephone expense is an administration expense and administration expenses are not included in product cost so not a variable cost in the sence of product cost.
What expenses listed is a variable expense?
A variable expense is a cost that can fluctuate based on usage or consumption. Examples of variable expenses include groceries, utility bills, and entertainment costs, as these can change from month to month depending on individual choices and consumption levels. In contrast, fixed expenses, like rent or mortgage payments, remain constant regardless of usage.
When do expenses become costs?
When does a cost become an expense
What is expensive?
Makeup that cost more than you can afford.
When should be the cost of product warranty included as an expense?
Just as with any other cost of doing business, When the expense is incurred in the course of production or service then those costs should be included in expenses.
If product costs eventually become expenses when a produce is sold why are accountants so careful when making product cost and period expense classifications?
Gives a comparative cost of product related to time. Gives current expenditures and comparative basis to previous period costs.
How does the expense ratio work in determining the overall cost of investing in a mutual fund or ETF?
The expense ratio is a percentage that represents the annual cost of owning a mutual fund or ETF. It includes fees for managing the fund, administrative costs, and other expenses. A lower expense ratio means lower costs for investors, which can lead to higher returns over time.
What is the general approach as to when product cost are recognized as an expense?
Product costs are recognised as expenses when those products are sold to third party or end user until that cost remains as an asset in business.
Is telephone cost a variable cost?
No, telephone expense is an administration expense and administration expenses are not included in product cost so not a variable cost in the sence of product cost.
Can a expense be defined as variable cost and a fixed costs?
Some expenses are the same amount each month and some vary. Mortgage and taxes stay the same each month. Expenses that vary are electricity, gas, and food.
To defray one's expenses is to?
To compensate or to pay part of a cost/expense.
Defines the term expense?
ex·penseikˈspens/noun1. the cost required for something; the money spent on something."we had ordered suits at great expense"synonyms: cost, price, charge, outlay, fee, tariff, levy, payment; informal,damage "the expense of entertaining"the costs incurred in the performance of one's job or a specific task, especially one undertaken for another person. plural noun: expenses"his hotel and travel expenses"a thing on which one is required to spend money. plural noun: expenses"tolls are a daily expense"synonyms: overhead, costs, outlay, expenditure(s), charges, bills, payment(s); incidentals "regular expenses"verb3rd person present: expenses1. offset (an item of expenditure) as an expense against taxable income.
What term defines the term expenses?
ex·penseikˈspens/noun1. the cost required for something; the money spent on something."we had ordered suits at great expense"synonyms: cost, price, charge, outlay, fee, tariff, levy, payment; informal,damage "the expense of entertaining"the costs incurred in the performance of one's job or a specific task, especially one undertaken for another person. plural noun: expenses"his hotel and travel expenses"a thing on which one is required to spend money. plural noun: expenses"tolls are a daily expense"synonyms: overhead, costs, outlay, expenditure(s), charges, bills, payment(s); incidentals "regular expenses"verb3rd person present: expenses1. offset (an item of expenditure) as an expense against taxable income.
What is gross operating expense?
Gross operating expense is the total amount of money spent by a company to operate its business, including costs such as salaries, rent, utilities, supplies, and other day-to-day expenses. It does not include taxes or interest expenses.
