What type of account is a loan for an office building? What is a controlling account? Give an example. What account connects the balance sheet and the operations statement? In reconciling a checking account, wha
What does an amount reported as an allowance for uncollectible accounts represent? What type of account is treasury stock? What is its normal balance? Where is it reported in the financial statements? What is the relationship between the revenue and expense accounts and the owner's equity account...
Definition of Expense Under the accrual method of accounting, an expense is a cost that is reported on the income statement for the period in which: The cost best matches the related revenues The cost is used up or expires There is uncertainty or difficulty in measuring the future benefit of...
Deferred revenue expenditure, or deferred expense, refer to an advance payment for goods or services. This is an advanced form of prepaid expenses. The arrangement is usually an agreement that the company will receive a service or goods in the future – but it pays for the goods or services ...
Why is it an expense? The short answer is because the companyexpendsthis amount to own (by buying or producing) this product. This article will further explain what exactly cost of goods is, what can be added under cost of goods, why it is anexpense, etc. ...
If an expense is for both business and personal use, you can only deduct the portion of the expense that applies to your business. For example, if you drive a vehicle for business and personal use, you can only deduct the percentage of vehicle-related costs that apply to business use. Ke...
Open An Account View Disclosure Calculation of an Expense Ratio Most fund managers quickly point out the expense ratio so you don't have to calculate it. However, understanding how the calculation works can help you determine which types of funds tend to have low expense ratios. Robert Johnson...
retirement is all in a day’s work. Here, Doerhoff walks through the benefits and features of IRA savings accounts and helps answer a question you may have, whether you’re nearing retirement or just starting to think about it: “What is an IRA savings account, and how does it work?”...
Submit your expense report The easiest way to make an expense report is to use an expense report template. Ask your supervisor if they can provide you with one; if not, you can use our free expense report template. Here’s what to do next: ...
An operating expense is an expense that is related to a business’s core operations. Operating expenses (OPEX) are the first expenses shown on a company’s profit and loss statement. The amount left over after operating expenses have been deducted from gross revenue is known as operating income...