What is the diffrence between General Exp. & Misc. Exp?




Answers were Sorted based on User's Feedback



What is the diffrence between General Exp. & Misc. Exp?..

Answer / hemanshu

ON THE ROUTINE OF THE ORGANISATION SOME EXP ARE COVER UNDER
THE GENERAL EXP AS A GROUP. AND MISC.EXP AS A LEDGER.
We can create many ledger like mis. exp in General & Admin.
Exp Group.
those are exp which is not coming regularly and amount is
not so much high then we can cover it in misc. exp.

Is This Answer Correct ?    8 Yes 2 No

What is the diffrence between General Exp. & Misc. Exp?..

Answer / h.r. sreepada bhagi

For presentation in the Financial Statement (Read P&L A/c
abd BS), Assets, Liabilities, Income & Expenses are grouped
under broad heads. there is no hard & fast rule about the
name of the groups, but it's guided by the generally
followed accounting practice & convention.

When it comes to Expenses, the re can be groups like, 1)Cost
of Materials Consumed or Cost of Goods Sold, 2)Factory
Expenses or Production Expenses, 3)Administration Expenses,
4)Employee Related Expenses, 5)Selling & Distribution
Expenses 6)Rent, Rates & Taxes, and so on. Under each of
these groups relevant expense ledgers can be listed. Most of
the expenses can be easily identify with specific ledger
a/c, but there will be some expenses, generally of small
value, which can not be identified strictly with any of the
ledger a/c. Such expenses, which are not material (Read
Materiality Concept) can be accounted in common expense a/c,
which can be called as General Expenses A/c, Misc. Expenses
A/c, Other Expenses A/c, as the company feels relevant.

Once again, I repeat, the grouping mentioned above are only
examples & it differs from company to company.

Note - As mentioned in the above answer, TDS is not an
expense, but it is a liability towards the Government. If
there TDS on the income received, then it's an asset. In any
case TDS is not a P&L A/c item.

Is This Answer Correct ?    5 Yes 4 No

What is the diffrence between General Exp. & Misc. Exp?..

Answer / satyendra kumar sah

General exp. is an exp. we can treat in p/l a/c as indirect
exp.misc. exp. not comes in business regularly and not high
amt. if treat high amt. exp. as a misc. in this case it
should be disallowed.some organization bribe treat a
general exp.

Is This Answer Correct ?    2 Yes 1 No




What is the diffrence between General Exp. & Misc. Exp?..

Answer / sathish

General exp 1) Salary 2)Rent 3)TDS
Misc Exp 1) Stationery 2) Courier

Is This Answer Correct ?    10 Yes 10 No

What is the diffrence between General Exp. & Misc. Exp?..

Answer / rajesh mrr

General expenses
means salaries
rent misc means
postage value

Is This Answer Correct ?    0 Yes 2 No

Post New Answer



More Accounting General Interview Questions

What are the strong accounting standards?

1 Answers  


What is Tax Audit ? Please Explain.

1 Answers  


What is Debit Note & Credit Note?

3 Answers   EDS,


Dear Sir I had already export to dubai. now I am to know that can I enter this sale entry in RG1. pls guide me.

0 Answers  


How to prepare HSD statements in tally

0 Answers  






what is difference between tax invoiced & retail invoice

5 Answers   Integra,


what is the purpose of preparing Bank reconciliation ?

3 Answers   ABC, CAFS,


what is the difference between a company balance sheet and that of a bank?

2 Answers  


what is the difference b/w provision for baddebts,reserve for baddebts? pls explain me with example

2 Answers  


if u sale an asset for Rs.1000, which shows the book value of 8600. what will be the journal entry???

3 Answers   ACS,


What is Account receivable & Account payable ?

12 Answers   Datamatics,


what r the entries related to manufacturing company stock

0 Answers  






Categories