9 give five common account titles their description

9. Give five common account titles, their description and examples of an
income.
from
10. Give five common account titles, their description and examples of an
expense.

 Expenses – Decreases benefits in the form of decreases in assets, maybe
increase in liabilities and may result decrease in equity.
 Examples;
a) Cost of Sales (Cost of Goods Sold) – The value of inventories that
have been sold during the period.
b) Freight-Out – Cost of delivering goods to customers. Also refers to
“delivery expense”, “transportation out”, and “carriage outwards”.
c) Salaries Expense – Salaries earned by employees for the services
they have rendered during the accounting period.
d) Rent Expense – Rentals that have been used up during the
accounting period .
e) Utilities Expense – The cost of utilities that have been used during
the accounting period. (E.g., electricity, water, internet, telephone,
cable, TV).
f) Supplies Expense – The cost of supplies that have been used
during the accounting period.
g) Bad Debt Expense – The number [amount] of estimated losses
from uncollectible accounts receivable. Also called “ Doubtful
Accounts Expense”.
h) Depreciation Expense – Portion of the cost of a depreciable
asset (e.g., building/equipment) that has been allocated to the
current accounting period.
i) Advertising Expense – The cost of promoting (e.g., products) via
media etc. or marketing activities during the period.
j) Insurance Expense – Represent the cost of insurance pertaining to
the current accounting period.
k) Taxes and Licenses – Represents the cost of business and local
taxesrequired by the government for the conduct of business .
l) Transportation and travel expense
 Transportation expenses represent the necessary and
ordinary cost of employees getting from one workplace to
another which are reimbursable [*pay back//refund] by the
business , e.g., reimbursable taxi fares of employees running
some errands and those who are working on late shifts.
 Travel expenses represent the costs incurred when travelling
on business trips, e.g., out-of-town travel costs of employees
sent to seminars.
m)Interest expense - Represents the cost of borrowing money. It is the
price that a lender charges [ demand payment ] a borrower for the
use of the lender's money.
n) Miscellaneous expense - Represents various small expenditures
which do not warrant separate presentation.