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Scrive Expenditure Information

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What are the 3 types of expenses?

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

What are the classification of expenses in accounting?

The functional expense classification is a sorting and presentation method used in accounting, under which expenses are aggregated and reported by the activities for which they were incurred. Examples are benefits expense, compensation expense, and depreciation expense.

How do you classify expenses in accounting?

Cost of Goods Sold (COGS) Operating Expenses Selling/General and Admin. Financial Expenses. Extraordinary Expenses. Non-Operating Expenses.

What are the 2 types of expenses?

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.

What is considered an expense?

expense. 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)

What is the difference between budget and expenditure?

As nouns the difference between spending and expenditure is that spending is an amount that has been, or is planned to be spent while expenditure is (uncountable|countable) act of expending or paying out. Specifically, I want to describe a budget as having spending x, receipts y and deficit z.

What is the difference between amount budgeted and actual expenditures?

A budget variance is the difference between the budgeted or baseline amount of expense or revenue, and the actual amount. In rare cases, the budget variance can also refer to the difference between actual and budgeted assets and liabilities.

What is the difference between actual and budgeted costs?

Budgeted revenue and costs are compared to actual revenue and costs to determine variances. A determination has to be made whether the variances are controllable or uncontrollable. A comparison should be made between actual costs at actual activity to budgeted costs at actual activity.

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