![]() Other than tuition, room & board and books, what other expenses should I expect when I start.Treatment of Miscellaneous Expenses in Final Accounts Type of voucher to be prepared:- Cash or Bank payment voucher health insurance, if required) and indirect costs (rent, food, transportation, supplies, and miscellaneous expenses). These expenses may vary based on the individual students. In case of payment in cash or by cheques:- Miscellaneous expenses include allowances for clothing, toiletries and other living expenses. Choose the work(s) you want to acquire and add to cart, select your shipping destination and pay via PayPal or credit card. For example:- very small amount paid for donations or charities, membership fees for local organizations, short and excess amount written off, festival celebration expenses and other expenses for which no account head is available.Īccounting Treatment of Miscellaneous Expenses Therefore, all these expense are booked under miscellaneous expenses account or general expenses account. If an accountant creates individual account heads for such type of transactions, then it will be very difficult to control. But there are so many expenses for which no account heads can be created because of very few transactions for certain expenses. Miscellaneous expense is a term used to define and refer to costs that typically do not fit within specific tax categories or account ledgers. A line item with this designation is commonly used in the income statement, and aggregates the amounts of several minor expense accounts. If any of these expenses increase in size in later periods, they may then be tracked within a separate account. ![]() These transactions are for amounts so small that they are not worth categorizing in a separate account. From time to time it may be appropriate to give gifts. Normally, the accounts heads are assigned to those expenses which are repeatedly incurred. Miscellaneous expense is a general ledger account that may contain a large number of minor transactions. A business firm spends money for various type of expenses.
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