answersLogoWhite

0

it depends on the type of insurance.. workers compensation insurance, health, dental, or vision are all payroll expense.. building insurance is an operating expense..

Payment of insurance premium should always be treated as general expense,to be shown in the debit side of the Profit & Loss A/c of a Company,whether it is payroll expense for its employees. While preparing individual Balance Sheet, payment of insurance premium where life, medical,home owner or else, should be shown as payment/expenditure and to claim benefits under Income Tax Act.

User Avatar

Wiki User

12y ago

Still curious? Ask our experts.

Chat with our AI personalities

CoachCoach
Success isn't just about winning—it's about vision, patience, and playing the long game.
Chat with Coach
DevinDevin
I've poured enough drinks to know that people don't always want advice—they just want to talk.
Chat with Devin
ViviVivi
Your ride-or-die bestie who's seen you through every high and low.
Chat with Vivi

Add your answer:

Earn +20 pts
Q: Is insurance an operating expense or general expense?
Write your answer...
Submit
Still have questions?
magnify glass
imp