Which of the following is NOT a part of fixed expenses?

Fixed expenses are those costs that do not vary with the level of occupancy or production and are typically incurred regularly, such as monthly or annually. These expenses remain constant regardless of business activity.

Insurance is a fixed cost because it is a regular premium paid to maintain coverage over time. Property taxes are also considered fixed expenses as they are assessed at a consistent rate based on property valuation and are due annually. Depreciation, although an accounting entry rather than a cash expense, is recognized as a systematic allocation of the cost of a tangible asset over its useful life, thus categorizing it as a fixed expense.

Utilities, however, are generally variable expenses. They fluctuate based on usage, which can change according to occupancy levels or business operations. This differentiates them from fixed expenses, making utilities the correct answer to identify what does not belong in the category of fixed expenses.