Utilities
Code: 5230
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Account Information
| Account Type | Income Statement |
| Normal Balance | Debit |
Definition
Utility expenses such as electricity and water
Sub-accounts
5231
Electricity Expense
5232
Water Expense
5233
Internet Expense
5234
Telephone Expense
5235
Mobile Expense
5236
Fuel Expense
International Accounting Standards
IFRS
IAS 1
Presentation of Financial Statements
Utility expenses recognised when service consumed. Accrued if invoice not yet received at period end.
US GAAP
ASC 420
Exit or Disposal Cost Obligations
Same accrual principle. Utilities often included in operating expenses or cost of goods sold.