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what are Miscellaneous expenses? where it posted ?give with
example and why it is call miscellaneous expenses
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Answer / siddharth
Miscellaneous expense are costs that are grouped together as an account in the general ledger because of a lower monetary value.In other words it is incidental expenseof a business, not classified as manufacturing, selling, or general and administrative expenses. It is presented on an income statement after operating income. Miscellaneous expenses are immaterial and does not seem appropriate, consider opening a new account to capture the expenses.Examples (depending on each individual entity) may include travel expenses, expenses for business consultations, and appraisals to determine a casualty loss, meals.
| Is This Answer Correct ? | 0 Yes | 1 No |
Answer / kc
miscellaneous expenses are those expenses which cannot be
categorized as other expenses account. this is not posted
in asset side of the balance sheet. the first answer is
wrong. it is posted as a liability from the word
itself "EXPENSES". an example is expenses of pastime
activities provided to employees like going to cinema,
offering flowers during special occasions.. those are
minimal expenses.
| Is This Answer Correct ? | 11 Yes | 14 No |
Answer / vijay
miscellaneous expenses are those expenses which cannot be
categorized as other expenses account. this is not posted
in asset side of the balance sheet. the first answer is
wrong. it is posted as a liability from the word
itself an example is expenses of pastime
activities provided to employees like going to cinema,
offering flowers during special occasions.. those are
nominimal accounts
| Is This Answer Correct ? | 1 Yes | 9 No |
Answer / preeti
Mis expenese are of revenue nature. this is shown on the
liab side.
| Is This Answer Correct ? | 9 Yes | 58 No |
What is General Ledger
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hdn Systems Pvt. Ltd., manufactures a consumer durable which passes through two processes M and N. From the following details prepare necessary process ledger accounts bringing out clearly the cost of the product at each stage. Process ‘M’ Process ‘N’ Materials (Rs.) 30,000 3,000 Labour (Rs.) 10,000 12,000 Overheads (Rs.) 7,000 8,600 Input (units) 20,000 17,500 Normal loss 10% 4% Scrap value of loss (per unit) Re. 1.00 Rs. 2.00 There is no opening or closing W-I-P or stock at processes. Final output from the process ‘N’ was 17,000 units
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