How to properly name expense accounts (fees and fines, resp.) with public bodies in the context of personal (non-corporate) bookkeeping?

What are the account titles under expenses?

Some common expense accounts are: Cost of sales, utilities expense, discount allowed, cleaning expense, depreciation expense, delivery expense, income tax expense, insurance expense, interest expense, advertising expense, promotion expense, repairs expense, maintenance expense, rent expense, salaries and wages expense, …

How do you record expenses in accounting?

How are Expenses Recorded in Accounting?

Debit to expense, credit to cash- Reflects a cash payment.
Debit to expense, credit to accounts payable- Reflects a purchase made on credit.
Debit to expense, credit to asset account- Reflects the charging of expense on an asset.

How is a chart of accounts organized?

The chart of accounts is simply the organized list of all the bins and shelves. Month end financial statements (balance sheet and income statement) simply summarize and group the balances that are in the individual accounts at month end.

What are the types of expenses?

There are three major types of expenses we all pay: fixed, variable, and periodic.

What is the rule for expenses account?

Answer: To increase an expense account, it must be debited. To decrease an expense account, it must be credited. The normal expense account balance is a debit.

How do you identify account titles?

The account titles are found on the business’ general ledger, which is a running list of all these transactions.
A List of Account Titles In Accounting.

Account Title	Type of Account
Amortization Expense	Operating expense
Insurance Expense	Operating expense
Rent Expense	Operating expense
Salaries and Wages	Operating expense

How are personal expenses treated in accounting?

The personal expenses should be treated as drawings. The journal entry for the same is: Drawings a/c/ Capital a/c Dr.

What are the 4 types of expenses?

Terms in this set (4)

Variable expenses. Expenses that vary from month to month (electriticy, gas, groceries, clothing).
Fixed expenses. Expenses that remain the same from month to month(rent, cable bill, car payment)
Intermittent expenses. …
Discretionary (non-essential) expenses.

Which are the two categories in which expenses can be classified?

There are two types of expenses. There are (jargon alert) ‘cost of sales’ and ‘overheads’. Cost of sales or sometimes called ‘direct costs’ are those costs in the business that directly impact the sales.

How should I categorize my expenses?

The Essential Budget Categories

Housing (25-35 percent) …
Transportation (10-15 percent) …
Food (10-15 percent) …
Utilities (5-10 percent) …
Insurance (10-25 percent) …
Medical & Healthcare (5-10 percent) …
Saving, Investing, & Debt Payments (10-20 percent) …
Personal Spending (5-10 percent)

What are the 5 examples of expenses?

Common expenses might include:

Cost of goods sold for ordinary business operations.
Wages, salaries, commissions, other labor (i.e. per-piece contracts)
Repairs and maintenance.
Rent.
Utilities (i.e. heat, A/C, lighting, water, telephone)
Insurance rates.
Payable interest.
Bank charges/fees.

What are the 3 types of expenses in accounting?

There are three major types of expenses we all pay: fixed, variable, and periodic.

What are examples of personal expenses?

20 Common Monthly Expenses to Include in Your Budget

Housing or Rent. Housing and rental costs will vary significantly depending on where you live. …
Transportation and Car Insurance. …
Travel Expenses. …
Food and Groceries. …
Utility Bills. …
Cell Phone. …
Childcare and School Costs. …
Pet Food and Care.

What are the 3 types of expenses and give an example of each?

The 3 types of expenses include: fixed, variable and periodic. Fixed expenses occur in predictable amounts and are usually paid in monthly intervals. Periodic expenses also occur in predictable amounts and intervals, but are much less frequent (i.e. quarterly).

What are the 10 examples of expenses?

Examples of Expenses

Cost of goods sold.
Sales commissions expense.
Delivery expense.
Rent expense.
Salaries expense.
Advertising expense.

What is the difference between expenses and costs?

Most people think that cost and expense have the same meaning, and technically they do. However, when it comes to business, cost and expense have different meanings. Cost refers to the cost of production and operations. Expense refers to fixed monthly expenses such as rent, utilities, and other fixed expenses.

What is the difference between expenditures and expenses?

The key difference between an expense and an expenditure is that an expense recognizes the consumption of a cost, while an expenditure represents the disbursement of funds. An expense is usually recognized when a related sale is recognized or when the item in question has no future utility.

What are examples of office expenses?

Examples of office expenses may include the internet bill, phone lines, utilities, cost of stationery, taxes, etc.

What are business costs called?

Also referred to as deductions, business expenses are the costs of operating a business. They’re recorded on the income statement. These expenses will be subtracted from business revenue to show a company’s net profit or loss and taxable income.

Is a laptop an office expense?

Your general office expenses list might include desktop and laptop computers and tablets, office phone systems and employee cellphones, accounting software, website services and internet fees. Other operational expenses may include cleaning services and utilities.

What are some examples of miscellaneous expenses?

Miscellaneous expense examples that can be written off

Clothing or job uniforms.
Advertising.
Subscription services for work.
Accounting and legal fees.
Interest and bank charges.
Tools and supplies.
Job search costs.
Home office supplies.

How do you record miscellaneous expenses?

The company can make the miscellaneous expense journal entry by debiting the miscellaneous expenses account and crediting the cash account. Miscellaneous expense is an expense account, in which its normal balance is on the debit side.

What are miscellaneous personal expenses?

Miscellaneous and personal expenses are intended to cover living expenses like clothing, laundry, personal hygiene, entertainment and health insurance. Loan Fees. Loan fees, such as origination and default/guarantee fees, may be added to the cost of attendance.

What are miscellaneous expenses personal?

Miscellaneous expense examples include clothes, a computer, equipment, a work uniform and work boots, with some exceptions. Miscellaneous expenses are defined by the IRS as any write off that doesn’t fit into one of their tax categories. Small business owners can claim these expenses to reduce their taxable income.

Is Miscellaneous expense an administrative expense?

Definition of miscellaneous expense

incidental expense of a business, not classified as manufacturing, selling, or general and administrative expenses.

Where does miscellaneous expenses go in final accounts?

Treatment of Miscellaneous Expenses in Final Accounts

Miscellaneous expenses are indirect expenses and are shown in expenses side of profit and loss account.