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  • For Income Statement

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    Ryuna Venise
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    This document defines and provides examples of different types of business expense accounts: Operating Expenses which cover day-to-day costs like bad debt, advertising, and equipment; Distribution/Selling Expenses which include marketing and sales costs like freight and salaries; and General & Administrative Expenses which are not directly involved in production or sales such as taxes, utilities, rent, and executive pay. Income Tax is listed separately and subtracted from the total expenses.

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    FOR INCOME STATEMENT

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    This document defines and provides examples of different types of business expense accounts: Operating Expenses which cover day-to-day costs like bad debt, advertising, and equipment; Distribution/Selling Expenses which include marketing and sales costs like freight and salaries; and General & Administrative Expenses which are not directly involved in production or sales such as taxes, utilities, rent, and executive pay. Income Tax is listed separately and subtracted from the total expenses.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    4 views1 page

    For Income Statement

    Uploaded by

    Ryuna Venise
    This document defines and provides examples of different types of business expense accounts: Operating Expenses which cover day-to-day costs like bad debt, advertising, and equipment; Distribution/Selling Expenses which include marketing and sales costs like freight and salaries; and General & Administrative Expenses which are not directly involved in production or sales such as taxes, utilities, rent, and executive pay. Income Tax is listed separately and subtracted from the total expenses.

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    © All Rights Reserved
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    ACCOUNT TITLES

    OPERATING EXPENSES:
    - essential for day-to-day business operations

     Uncollectible Accounts
     Sales Salaries
     Advertising Expense
     Amortization
     Direct mailing costs
     Insurance costs
     Manufacturing equipment
     Interest Expense
     Entertainment costs
     Depreciation- Equipment

    DISTRIBUTION OR SELLING EXPENSE:


    - all costs that facilitate the marketing, sales, and distribution of goods or services

     Freight-Out
     Salaries Expense

    General and Administrative:


    - any cost that does not link to the production or the selling process and is not part of research
    and development is classified as a general and administrative expense. As a result, general and
    administrative expenses do not fall under cost of goods sold and are not inventory.

     Taxes and Licenses


     Depreciation Expense (Supplies)
     Accounting and Legal Fees
     Utilities Expense
     Insurance Expense
     Rent Expense
     Legal Fees
     Salaries Expense
     Miscellaneous administrative expenses
     Bank charges
     Executives wages and benefits
     Depreciation and amortization
     Advertising and Marketing
    LESS: INCOME TAX EXP

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