When a company spends funds (a debit), the expense account increases and the expense account decreases when funds are credited from. This is why the account is considered a temporary account. Merchandise for Resale-Network-Install. This means that the expense accounts only exist for a set period of time- a month, quarter, or year, and then new accounts are created for each new period. Merchandise for Resale – Network – Installation Merchandise for Resale – Telephone – Other Merchandise for Resale – Telephone – Outside Plant Merchandise for Resale – Telephone – Commissions Merchandise for Resale-Telephone-Install.-Material Find 2 ways to say EXPENSE ACCOUNT, along with antonyms, related words, and example sentences at, the worlds most trusted free thesaurus. Merchandise for Resale – Telephone – Installation Merchandise for Resale-Telephone Long Dist-Externl Merchandise for Resale-Telephone Long Dist-Student Merchandise for Resale-Telephone Long Dist – Univ. Merchandise for Resale – Telephone Local-External Merchandise for Resale – Telephone Local – Student Merchandise for Resale – Telephone Local -Univer. Goods Receipts to Inventory w/o a Purchase Order Change your homepage to Travel & Expense Entry. Radio, Television Supplies and Repair Parts When creating your expense report you first need to login to the Statewide Financial System (SFS). Changes must be made through the Payroll Department. Other Professional and Scientific Supplies In general transactions cannot be posted to Salaries and Benefits accounts. Laboratory and Testing Supplies – Pharmacy Types of Expenses As the diagram above illustrates, there are several types of expenses. Due to the accrual principle in accounting, expenses are recognized when they are incurred, not necessarily when they are paid for. Laboratory and Testing Supplies – Chemistry An expense is a type of expenditure that flows through the income statement and is deducted from revenue to arrive at net income. Laboratory and Testing Supplies – Biology The Chart of Accounts Internet pages are designed as a resource for University of Mississippi faculty and staff who process. Other Equipment Repair Parts and Supplies Office Supplies and Material – Campus StoreĮquipment Repair Parts, Supplies and Accessories Indirect Cost Recovery – Local Government In other words, debiting an expense account increases the balance instead of decreasing it like most other equity accounts. Expense accounts are considered contra equity accounts because their balance decreases the overall equity balance. Indirect Cost Recovery – State Government Expenses accounts are equity accounts with a debit balance. Indirect Cost Recovery – Federal Government The Expense Report Action Item will be sent after the Final Budget has been approved. Indirect Cost Recovery, Refunds and Adjustments The Expense Report Action Item is the first step in the Closeout process. Repair and Servicing – Buildings and Grounds Repair and Service Streets and Parking Lots SalariesĬommunications and Transportation of Commodities The Chart of Accounts Internet pages are designed as a resource for University of Mississippi faculty and staff who process documents requiring account numbers or object codes.
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