The salary paid to the president of a company would best be classified on the income statement as an administrative expense.
What is administrative expense?
Administrative expenses refers to expenses incur by an organization, which cannot be traced to any production function.
Examples of administrative expenses are:
- Office supplies
- Professional subscriptions
- Executive salaries and bonuses
Hence, the salary paid to the president of a company would best be classified on the income statement as an administrative expense.
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