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Also referred to as operating expenses general expenses include rent bank ATM fees equipment expenses the cost of marketing advertising merchant fees and any other expenses you incur in order to keep your business running.
General expenses in profit and loss account. The expenses which are related to payment of utility bills of the company like expenses of water and electricity that generally are used for the daily operating activities are utility expenses. The resultant effect is either net profit or net loss. Examples Direct labour wages cost of raw material power rent of factory etc.
On occasion it may also include depreciation expense depending on what its related to. It includes expenses such as rent advertising marketing accounting litigation travel meals management salaries bonuses and more. 5 Property Tax.
A profit and loss statement is a financial report summarizing the revenues costs and expenses a company incurs for a specific period. The difference between the two revenue minus expenses is your profit positive number or loss negative number for the period and is known as your Net Income. Where gross profit and other operating incomes are credited and all operating expenses are debited.
Indirect expenses are usually shared among different products departments and segments. Direct expenses can be allocated to a specific product department or segment. On the credit side Discount received Commission received Profit on sale of assets and more appear.
Thus Outstanding Expenses Prepaid Expenses Accrued Income and Income Received In Advance require adjustment. Net Income appears on the last page of the report in the Report Summary. Revenue or Sales Cost of Goods Sold or Cost of Sales Selling General Administrative SGA Expenses.
In profit and loss account all indirect expenses and indirect incomes are shown. A business will incur many other expenses in addition to the direct expenses. The amount of tax your business pays is calculated on the net profit.
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