1. Make a PowerPoint to explain the following topic

Expenses:

?  Clarify the term expense

?  Outline some examples of expenses

?  Explain why businesses need expenses to operate (use a business example) 

2. Outcomes Assessed:

K1.  the nature and functions of financial accounting

K2.  recording processes and the different needs that various businesses and stakeholders have for accounting services

K3.  the nature, components and structure of financial statements and reports

K4.  the use of accounting principles

U1.  the nature of accounting and its use in business and societ

U2.  the language and terminology used by accountants

S1.  apply basic accounting methods and procedures appropriately

S2.  correctly record and classify accounting data to prepare appropriate financial reports

S3.  apply mathematical concepts appropriately in business situations 

Explanation & Answer length: 1 presentation 500 Words Speech1 attachmentsSlide 1 of 1

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UNFORMATTED ATTACHMENT PREVIEW

Expenses (E) Costs associated with earning revenue. They often occur repeatedly (again and again). Examples include supplies, purchases (of stock), electricity, wages, insurance, copy paper, printer ink, petrol, etc. Types of Revenue (Income) Sales – amounts earned from the sale of goods (stock/inventory). Fees/Service Revenue – amounts earned from performing/providing services. Rent Received – amounts earned from renting properties to tenants. Interest Received – amounts earned from the investment of money. Commission Received – amount received for providing services to help complete a sales transaction. May be a set amount or a percentage of the value of the sale. Types of Expenses (Costs) Purchases – the cost of the goods/stock/inventory the business buys for resale to customers. May include raw materials used for manufacturing (making) goods. These items are classified as an expense when bought by the business. Supp

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