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What are the 4 types of expenses?

The following describes the four kinds of expenses: Fixed expense. ... Variable expense. ... Operating expense. ... Non-operating expense. ... Keep a paper trail. ... Automate payment schedules. ... Add working capital when necessary. ... Cost of goods sold.

What are the 3 types of expenses?

There are three major types of expenses we all pay: fixed, variable, and periodic. Do you know the difference?

What are examples of expenses?

Common expenses might include: Cost of goods sold for ordinary business operations. Wages, salaries, commissions, other labor (i.e. per-piece contracts) Repairs and maintenance. Rent. Utilities (i.e. heat, A/C, lighting, water, telephone) Insurance rates. Payable interest. Bank charges/fees.

What are common expenses?

The most common monthly expenses to factor into your budget include: Housing. ... Food and dining out. ... Transportation. ... Child care and pet care. ... Cellphone. ... Health insurance. ... Debt payments. ... Savings contributions.

What is a proof of expense?

Documents for expenses include the following: Canceled checks or other documents reflecting proof of payment/electronic funds transferred. Cash register tape receipts. Account statements. Credit card receipts and statements.

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What type of document is an expense report?

An expense report is a form that itemizes expenses necessary to the functioning of a business. A small business may ask its employees to submit expense reports to reimburse them for business-related purchases such as gas or meals.

What is an expense sheet?

The expense sheet template is again a simple spreadsheet that is made to keep a track of business or personal expenses. It includes details like the payment method, date of payment, the amount paid to, the amount paid, description, and subtotal of each of the expense categories.

What are 5 different expenses?

The several types of expenses are: Cost of Goods Sold. Operating Expenses. Financial Expenses. Extraordinary Expenses. Non-Operating Expenses. Non-Cash Expenses. Prepaid Expenses. Accrued Expenses.

What are 2 types of expenses?

Operating expenses: Expenses related to the company's main activities, such as the cost of goods sold, administrative fees, and rent. Non-operating expenses: Expenses not directly related to the business' core operations. Common examples include interest charges and other costs associated with borrowing money.

What are the 4 types of expenses?

The following describes the four kinds of expenses: Fixed expense. ... Variable expense. ... Operating expense. ... Non-operating expense. ... Keep a paper trail. ... Automate payment schedules. ... Add working capital when necessary. ... Cost of goods sold.

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