Operating Expenses Include Rent,wages,utilities,depreciation,and Insurance

question 78

True/False

Operating expenses include rent,wages,utilities,depreciation,and insurance.

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Definitions:

Worksheet

A document used by accountants to bring together all the data for financial statements, making adjustments and closing entries.

Mortgage Payable

A liability account on a company's balance sheet that represents funds borrowed, secured by property, to be paid back with interest.

Balance Sheet

An economic report that presents the value of a corporation’s assets, liabilities, and equity held by shareholders on a given date.

Periodic Inventory Method

An inventory accounting system where updates to the inventory accounts are made on a periodic basis, typically at the end of an accounting period.