Expenses

• 1A(expense) Promotion, advertising, meals, entertainment.
• 1B(expense) Business insurance, not including employee benefits such as life or health insurance.
• 1C(expense) Building or office rent.
• 1D(expense) Car, truck, and other vehicle expenses, including depreciation.
• 1E(expense) Employee benefits, not including taxes such as FICA.
• 1F(expense) Interest.
• 1G(expense) Inventories.
• 1H(expense) Business equipment, including depreciation.
• 1I(expense) Business taxes, not including personal income taxes.
• 1J(expense) Professional services, such as accounting, computer programming, legal.
• 1K(expense) Materials and supplies.
• 1L(expense) Employee wages, salaries, commissions, etc.
• 1M(expense) Utilities, including telephones.
• 2Who does the day-to-day financial record-keeping for your business?
• 3Does your business use the cash method of accounting, also known as the cash basis, the accrual method of accounting, also known as the accrual basis, a hybrid of the two, or are you not really sure?
• 3aApproximately, how many days of inventory do you try to maintain on your most important items?
• 3bIs your inventory tied to a point of purchase device, such as a cash register, or some type of computer software that allows you to keep an up-to-the-minute status of your inventories?
• 3cDo you use LIFO, FIFO, another method, or are you not sure of the method used to account for your inventories?

Volume 6, Issue 4, 2006
ISSN -

William J. Dennis, Jr.
NFIB Research Foundation