Expenses

From CNM Wiki
Jump to: navigation, search

Expenses are costs of running a legal entity that may or may not produce revenue. Expenses is a subdivision of owner's equity. Expenses are found on an income statement and particularly can be used to reduce the amount of tax owed to the government.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Expenses. A cost incurred in running a business by consuming goods or services in producing revenue. Expenses is a subdivision of owner's equity.

Related concepts

Related lectures