Ask Experts Questions for FREE Help !
Ask
    SABBELLAH's Avatar
    SABBELLAH Posts: 3, Reputation: 1
    New Member
     
    #1

    Jul 22, 2009, 02:46 AM
    Income statement
    How do I treat expenses manangement and consultancy fees,Technical Fess, and please give me examples of such.
    ROLCAM's Avatar
    ROLCAM Posts: 1,420, Reputation: 23
    Ultra Member
     
    #2

    Jul 22, 2009, 04:09 AM

    They are all recognizable genuine expenses.
    All expenses are DEBITS.
    You should debit the Income Statement.
    Examplesof each of the items are as follows:-

    Management Expenses.
    Expenses incurred by Management in fulfilling
    Their duties.

    Consultancy Fees.

    Expenses specifically incurred with
    People that offer special consultancy services.

    Technical Fees.

    Expenses specifically incurred with
    People that offer special technical services.
    ANB428's Avatar
    ANB428 Posts: 450, Reputation: 42
    Full Member
     
    #3

    Jul 22, 2009, 09:10 AM

    Stop answering their homework.
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
    Uber Member
     
    #4

    Jul 22, 2009, 12:13 PM

    ANB, you're wasting your breath.

    Although it probably didn't help much anyway. This is one of three times this has been posted, except the other two include a list of expenses that don't really fit those categories. (I just love it when someone posts three times, and then asks the question differently.)

    And rolcam, could you explain exactly how you "debit the income statement." That's very interesting.
    ROLCAM's Avatar
    ROLCAM Posts: 1,420, Reputation: 23
    Ultra Member
     
    #5

    Jul 23, 2009, 04:06 AM

    DEBITING THE INCOME STATEMENT!
    __________________________________

    When closing all the expenses accounts.

    All expenses accounts are credited and in turn
    The Income Statement is DEBITED!

    It is here that you determine the profit or the loss for the period.
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
    Uber Member
     
    #6

    Jul 23, 2009, 01:15 PM

    You don't debit a financial statement. You debit accounts.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Multiple-step income statement in good form and retained earnings statement [ 1 Answers ]

Hi I would like someone to check to see if I did this correctly, if I did not then please help. Thanks The Problem is: The following pretax amounts pertain to River Corp. for the year ended December 31, 2008. Sales... $400,000 Operating Expenses... 84,000 Extraordinary gain... 30,000...

Income statement, owners equity statement and balance sheet [ 6 Answers ]

Les Fleurs, a boutique in Paris, France, had the following accounts in its accounting records at December 31, 20X2 (amounts in Euros, denoted as "E") Purchases………………... E250,000 Freight In……………… E8,000 Sales discounts…………. 4,000 Purchase returns…….. 7,000 Inventory Sales…………………. ...

Financial Statement with Balance sheet and income statement [ 1 Answers ]

Here's the problem: The Hobart Company incurred the following transactions during 2003: A. Acquired $50,000 of cash capital from owners B. Paid $10,000 to acquire manufacturing equipment C. Paid $5,000 cash for materials used in production D. Paid $2,000 for wages of production workers...


View more questions Search