Electricity Expense
Code: 5231
👁 Views: 110
Account Information
| Financial Statement | Income Statement |
| Normal Balance | Debit |
Definition
Electricity expense for operations
Note: This account may be broken down into sub-ledgers as needed (e.g., customer/supplier/bank names or branches).
📐 IFRS vs US GAAP Accounting Treatment
IFRS
IAS 1
Presentation of Financial Statements
US GAAP
ASC 420
Exit or Disposal Cost Obligations
❓ Frequently Asked Questions
Q: How is an electricity bill recorded?
A: Dr. Electricity Expense, and Dr. Input VAT (if applicable), Cr. Bank or Accounts Payable.