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An expense account is the right to reimbursement of money spent by employees for work-related purposes. [1] Some common expense accounts are Cost of sales, utilities expense, discount allowed, cleaning expense, depreciation expense, delivery expense, income tax expense, insurance expense, interest expense, advertising expense, promotion expense ...
v. t. e. A chart of accounts ( COA) is a list of financial accounts and reference numbers, grouped into categories, such as assets, liabilities, equity, revenue and expenses, and used for recording transactions in the organization's general ledger. Accounts may be associated with an identifier (account number) and a caption or header and are ...
Takeaway. FSA funds are a great way to save money on a wide range of everyday healthcare items. FSA-eligible categories include OTC medications and health devices, select skin care products ...
A flexible spending account (FSA) is an employer-sponsored savings account that lets you contribute pre-tax funds. You may use this money for approved medical and dependent care expenses.
The general ledger contains a page for all accounts in the chart of accounts arranged by account categories. The general ledger is usually divided into at least seven main categories: assets, liabilities, owner's equity, revenue, expenses, gains and losses. It is the system of record for an organization’s financial transactions.
Health savings accounts (HSAs) are specialized savings accounts you can use for current or future healthcare expenses. Your contributions are tax-free. HSAs were created in 2003 so that people ...
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