Lesson 7.4 Account Title: Expenses

Question 1

Account Title under Expenses

• Expenses incurred for the work performed by salaried employees during the accounting period. These employees normally receive a fixed amount on a weekly, monthly or annual basis.

Answer 1

Salaries Expense

Question 2

Account Title under Expenses

• Expenses incurred for the work performed by non-salaried employees during the accounting period. These employees receive an hourly rate of pay.

Answer 2

Wages Expense

Question 3

Account Title under Expenses

• Cost of occupying rented facilities during the accounting period.

Answer 3

Rent Expense

Question 4

Account Title under Expenses

• Costs for electricity, heat, water, and sewer that were used during the accounting period.

Answer 4

Utilities Expense

Question 5

Account Title under Expenses

• Cost of telephone used for the accounting period.

Answer 5

Telephone Expense

Question 6

Account Title under Expenses

• Costs incurred by the company during the accounting period for ads, promotions, and other selling and expenses (other than salaries).

Answer 6

Advertising Expense

Question 7

Account Title under Expenses

• Cost of long term assets allocated to expense during the current accounting period.

Answer 7

Depreciation Expense