Scenic: Expenses

Topics:

  • Introduction: Expense recognition decisions
  • Expense recognition tied to asset decreases: Cash expenses-
    • Example 1-Monthly Internet costs paid
    • Example 2-Monthly advertising costs paid
    • Example 3-Parking ticket received and paid in current month
  • Expense recognition tied to asset decreases: Asset usage expenses-
    • Example 4-Prepaid insurance usage
    • Example 5-Truck usage
    • Example 6-Inventory sold
  • Expense recognition tied to asset decreases: Asset impairment expense-
    • Example 7-Building impaired
  • Expense recognition tied to liability increases: Accounts payable accruals expense-
    • Example 8-Advertising invoice received
  • Expense recognition tied to liability increases: Accrued liabilities expense-
    • Example 9-Compensation expense, never invoiced 
    • Example 10-Cable services, not invoiced before expensed  
    • Example 11-Parking ticket received (invoiced), but paid in subsequent month
  • Take-aways

Scenic Video: [66 min]

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