{"id":1290,"date":"2014-04-19T12:34:36","date_gmt":"2014-04-19T17:34:36","guid":{"rendered":"http:\/\/thepassportoffice.com\/blog\/expired-cost\/"},"modified":"2022-02-11T14:21:26","modified_gmt":"2022-02-11T19:21:26","slug":"expired-cost","status":"publish","type":"post","link":"https:\/\/www.thepassportoffice.com\/blog\/expired-cost\/","title":{"rendered":"Expired Cost"},"content":{"rendered":"
\"expired
by AllOfUsAreLost<\/a><\/div>\n

In cost accounting, cost<\/strong> has been defined as money’s value which is used for producing something which is scarce in the market. Expired cost<\/strong> is also a part of cost.<\/p>\n

Expired cost means the incurred expenses<\/strong> at the time when a company received benefits. Expired cost is that cost which is identified as expenditure or expense. When benefits is received or consumed by a business entity from the cost then it’s termed as an expired cost. Another definition of expired cost is that it is complete loss in an asset’s value<\/strong>. The expense of depreciation<\/strong> is the best example of an expired cost. This expense is taken into use for a particular asset which has been used in the process of production and which expires after the sales of the goods.<\/p>\n

Expired cost can be better explained with the help of an example stated below. If any particular business unit, say ABC is spending $ 10,000 for acquiring catalogs of a product, which is recorded, in the month of January as prepaid-expense. These catalogs have handed-over, in the month of March, in any particular trade-show & the marketing-expense is charged by it $ 10,000 cost. The amount $ 10,000, now becomes, in the month of March, an expired cost.<\/strong><\/p>\n

After the expense is incurred it becomes expired cost<\/strong> & is used totally for yielding revenue<\/strong>. Few revenue-cost examples<\/strong> are S & D expenses (selling & distribution-expenses) and cost -of -goods -sold -expense. It is not necessary that cash is required for making payment for every expense. <\/p>\n

Even if a promise<\/strong> is made for doing payment in<\/p>\n

future then it is done for obtaining profits<\/strong>. The cost of manufacturing<\/strong> is capitalized as inventory of finished-goods & when the goods are sold, these costs expire and they now become an expense.<\/p>\n

Even factory-overhead has been treated in the form of an expired cost. This is so because, in inventory of cost -of -finished -goods, factory overheads<\/strong> are included. When selling & distribution-expenses aren’t included in inventory of cost -of -finished \u2013goods, then it is regarded as expenses. Factory-machine’s depreciation<\/strong> brings an increment in the use of goods which is manufactured. These depreciations are written under the category work-in-progress & inventory of finished-goods. From the revenues deduction is done of selling & distribution-expenses whenever depreciation is incurred.<\/p>\n

Unexpired cost<\/strong> is different from expired cost<\/strong>. Where, expired cost is the cost which has been already incurred, unexpired cost are those cost which has to be paid in future.<\/strong> Unexpired cost has been regarded as asset where as expired cost is an expense.<\/p>\n

Expired cost is calculated as follows:<\/p>\n

\u00a0Expired cost = Revenues – Selling & Distribution-expenses<\/strong><\/p>\n

\u00a0Where as, unexpired cost is calculated as follows:<\/p>\n

\u00a0Unexpired cost = Asset’s historical-cost \u2013 depreciation that is accumulated<\/strong><\/p>\n

\n

This article has been compiled by Classof1.com, a leading online Homework-Help provider.<\/p>\n

For assistance with your academic assignments in Cost Accounting, you can visit http:\/\/classof1.com\/homework-help\/cost-accounting-homework-help<\/p>\n

Classof1.com is open 24\/7. You can call us at 1-877-252-7763<\/strong> or drop an email to learning@classof1.com<\/p>\n<\/div>\n

Find More Expired Passport Articles<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

by AllOfUsAreLost In cost accounting, cost has been defined as money’s value which is used for producing something which is scarce in the market. Expired cost is also a part of cost. Expired cost means the incurred expenses at the time when a company received benefits. 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