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Accounting Study Guide |
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| CPAClass.com | GAAP | Study |
Examples of Expense and Loss Accounts
| Financial Statements Overview |
| Expenses and Losses |
| Operating Expenses |
| Operating expenses include expense accounts that are necessary to earn operating revenues. |
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| Selling, General and Administrative Expenses include the following accounts. |
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| Nonoperating Expenses and Losses |
| Nonoperating expenses and losses include expense and loss accounts that are due to the transactions other than the primary operations of the company. |
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| Interest expense account may be classified as operating expenses for banks and other financial corporations, whose primary operations are lending money to earn interest income. |
| Losses from Discontinued Operations |
| Losses from discontinued operations are due to the disposal of business segment. |
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| Extraordinary Losses |
| Extraordinary losses include losses that unusual and infrequent. |
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| Losses due to Changes in Accounting Method |
| Cumulative effect of changes in accounting method is reported as either gain or loss in the income statement of the current period. |
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