Accounting Expense: Definition, Types, and Examples

These fees can add up, so it’s important to track them as they’re eligible for deductions. Explore these skills and more with Forage’s free accounting virtual experience programs. The total cost of the plant ($39 million) is an expenditure, while each annual chunk of...

Extraordinary Repairs Definition

As an asset forays into later stages of its useful life, the cost of repairs and maintenance of such an asset increase. Extraordinary repairs, in the field of accounting, are broad repairs made to a asset, like property or equipment (PP&E), which prolongs its...

Bookkeeping for Painting Contractors: What to Know

For those looking to delve deeper into painting company profitability, consider exploring advanced financial models specific to painting businesses at this link. By utilizing accounting software to automate financial tasks, painting businesses can save time and money,...

Accounting Basics: In-Depth Explanation with Examples

The amount in the Insurance Expense account should report the amount of insurance expense expiring during the period indicated in the heading of the income statement. A current asset representing amounts paid in advance for future expenses. As the expenses are used or...