Chart of Accounts

Question 1

what is revenue?

Answer 1

If the amount received is from a cash sale, or for a service that has just been performed but has not yet been recorded

Question 2

what are selling expenses?

Answer 2

• promotes selling, or delivery of goods/ services
• Examples: Advertising, Sales salaries

Question 3

what are administrative expenses

Answer 3

• costs that regulate business operations
• Examples: insurance, rent, supplies, salaries

Question 4

what are finance expenses

Answer 4

• costs incurred from borrowing from lenders or creditors
• Examples: capital expenses, interest expense

Question 5

what are cost of sales

Answer 5

• The cost involved in directly producing the goods or services that you actually sell.
• packaging expense