AnswersDriveExamples of office-related operating expenses
- Accounting expenditures.
- Depreciation of fixed assets assigned to non-production areas.
- Insurance costs.
- Legal fees.
- Office supplies.
- Property taxes.
- Rent costs for non-production facilities.
- Repair costs for non-production facilities.
What is an example of a flexible expense?
An example is savings which is a fixed expense when you save a certain amount each month and flexible when you save an additional amount from money left over after paying bills and other necessary expenses. Another example might be your phone bill. The bill is a fixed expense because it is due every month.
What are some personal expenses?
Not everyone has the same fixed expenses, but here are a few of the most common examples:
- Mortgage or rent payments.
- Loans (student loans, car loans, home equity loans)
- Insurance (car insurance, health insurance, life insurance)
- Daycare.
- Tuition.
- Utilities.
1
What is an example of an expense?
Expenses are the costs incurred to generate revenues. In other words, a firm records an expense when it disburses cash or promises to disburse cash for an asset or service used to generate income. A manufacturer would record an expense when it pays its employees for producing its products.
2
What are examples of selling expenses?
Selling expense (or sales expense) includes any costs incurred by the sales department. These costs typically include the following: Salesperson salaries and wages. Sales administrative staff salaries and wages.
3
What are examples of administrative expenses?
Examples of general and administrative expenses are:
- Accounting staff wages and benefits.
- Building rent.
- Consulting expenses.
- Corporate management wages and benefits (such as for the chief executive officer and support staff)
- Depreciation on office equipment.
- Insurance.
- Legal staff wages and benefits.
- Office supplies.
4
What is an example of an asset?
A company lists its assets on its balance sheet. Common asset categories include cash and cash equivalents; accounts receivable; inventory; prepaid expenses; and property and equipment. Although physical assets commonly come to mind when one thinks of assets, not all assets are tangible.
5
What are examples of business expenses?
Below are some examples of allowable business expenses:
- Fees, dues, and subscriptions.
- Advertising, marketing, and promotion.
- Labor.
- Benefits, continuing education, or training.
- Other Insurance.
- Office equipment and supplies.
- Rent, utilities, and phones.
6
What are some examples of operating expenses?
Operating expenses are the costs a company incurs that are not related to the production of a product. These expenses include items like payroll, rent, office supplies, utilities, marketing, insurance and taxes. Operating expenses are essentially the costs to keep the business running.
7
What do you mean by direct expenses?
Direct expense is an expense incurred that varies directly with changes in the volume of a cost object. A cost object is any item for which you are measuring expenses, such as products, product lines, services, sales regions, employees, and customers. The materials used to construct a product for sale.
8
What are the office expenses?
Office Supplies. Office expenses can include electronic equipment, such as a computer, printer or fax machine. Office supplies also can include printer ink, paper clips, paper and staples. Furniture, such as a desk or chair, are considered office supplies if the item is used solely for the business.
9
What are the expenses?
Money spent or cost incurred in an organization's efforts to generate revenue, representing the cost of doing business. Expenses may be in the form of actual cash payments (such as wages and salaries), a computed expired portion (depreciation) of an asset, or an amount taken out of earnings (such as bad debts).
10
What are some examples of income?
There are two kinds of taxable income: Earned income (salary, wages, tips, bonuses, commissions, etc.) and unearned income (dividends, interest, rents, alimony, winnings, royalties, etc.). For example, let's assume that Jane works for Company XYZ. Her salary is $75,000 per year.
11
Where do you put expenses on a balance sheet?
Expenses as a Liability. Any expenses that has not yet been paid is considered a liability. This includes accounts payable, notes payable, long-term debt and any other money owed to people outside of the company. These are listed under their own section under the liabilities section on the balance sheet.
12
What are included in operating expenses?
An expense incurred in carrying out an organization's day-to-day activities, but not directly associated with production. Operating expenses include such things as payroll, sales commissions, employee benefits and pension contributions, transportation and travel, amortization and depreciation, rent, repairs, and taxes.
13
What is the meaning of miscellaneous expenses?
Miscellaneous expense is often a general ledger account in which very small amounts are recorded. For example, the balances in Cash Short and Over, Bank Service Charges, and Donations might be combined into one amount and presented on the income statement as Miscellaneous Expense.
14
What are general expenses in accounting?
General and administrative expenses pertain to operation expenses rather that to expenses that can be directly related to the production of any goods or services, including rent, utilities, insurance, and managerial salaries. On the company's income statement, these expenses generally appear under operating expenses.
15
What are some examples of liabilities?
Examples of liability accounts reported on a company's balance sheet include:
- Notes Payable.
- Accounts Payable.
- Salaries Payable.
- Wages Payable.
- Interest Payable.
- Other Accrued Expenses Payable.
- Income Taxes Payable.
- Customer Deposits.
16
What are the administrative expenses?
Administrative expenses are the expenses that an organization incurs not directly tied to a specific function such as manufacturing, production or sales. Salaries of senior executives and costs of general services such as accounting are examples of administrative expenses.
17
What is the meaning of general expenses?
Definition of general expense. Money that is spent on the general running of a business or organization, rather than money spent on producing goods or selling services. [
18
Is Office Expense an operating expense?
Different operating expenses accrued for a typical office may include accounting expenditures, insurance costs, payments for property taxes and utilities, repair and rental fees for non-production facilities, office supplies and legal fees. Instead, these general expenses are considered administrative costs.
19
What are the operating expenses?
Operating expenses are the costs associated with a company's main operating activities and which are reported on its income statement. For example, a retailer's main operating activities are the buying and selling of merchandise or goods. Therefore, its operating expenses will include: Cost of goods sold.