what does expense mean
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- Define expense. expense synonyms, expense pronunciation, expense translation, English dictionary definition of expense. n. 1. a. Something spent to attain a goal or accomplish a purpose: an expense of time and energy on the project. b. A loss for the sake of something gained;...
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incurred definition incurred. A word used by accountants to communicate that an expense has occurred and needs to be recognized on the income statement even though no payment was made. The second part of the necessary entry will be a credit to a liability account. word used by accountants to communicate that an expense has occurred and needs to be recognized on the income statement even though no payment was made. The second part of the necessary entry will be a credit to a liability account.
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- Full Definition of EXPENSE. 1. archaic: the act or an instance of expending: expenditure. 2. a: something expended to secure a benefit or bring about a result c: an item of business outlay chargeable against revenue for a specific period.3.4. See expense defined for English-language learners.ull Definition of EXPENSE. 1. archaic: the act or an instance of expending: expenditure. 2. a: something expended to secure a benefit or bring about a result c: an item of business outlay chargeable against revenue for a specific period. 3. 4. See expense defined for English-language learners.
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Operating Expenses OPEX Definition, Meaning Explained, Examples Formal definition: Expenses use up assets. 1  An expense for office supplies, for instance, uses up cash assets. Spending for office supplies is an operating expense. 2  Purchasing a capital asset (such as a factory machine) results in an asset that decreases book value over time through depreciation expense.
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What is the meaning of accrued in accounting? Accrued expenses (also called accrued liabilities) represent unpaid and unrecorded costs incurred in the current period. Accrued expenses should be recognized before cash is paid and should be reported in the income statement in the period they are incurred, and not in the period they are settled (e.g. paid with cash). Accrued expenses or liabilities are shown under the current liabilities in the balance sheet. To record accrued expenses, a company debits (increases) an expense account and credits (increases) a liability account.
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When Do You Expense Prepaid Inventory? An expense is a cost on the income statement that reduces net income, or profit. To expense an item means to report its cost on the income statement. Under the accrual basis of accounting, you must report an expense in the period in which the expense contributed toward generating revenue in your business.
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- 1 An accrued expense is a liability that represents an expense that has been recognized but not yet paid.  A deferred expense is an asset that represents a prepayment of future expenses that have not yet been incurred.
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EXPENSE Hyponyms (each of the following is a kind of expense): incidental; incidental expense; minor expense ((frequently plural) an expense not budgeted or not specified). travel expense ((frequently plural) expenses incurred by an employee in the performance of the job and usually reimbursed by the employer).
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What is the 'Expense Ratio' Operating expenses are taken out of a fund's assets and lower the return to a fund's investors. A measure of what it costs an investment company to operate a mutual fund. An expense ratio is determined through an annual calculation, where a fund's operating expenses are divided by the average dollar value of its assets under management. Operating expenses are taken out of a fund's assets and lower the return to a fund's investors.
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What is a 'Prepaid Expense' What is a 'Prepaid Expense'. A prepaid expense is a type of asset that arises on a balance sheet as a result of business making payments for goods and services to be received in the near future.
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What is the 'Expense Ratio' What is the 'Expense Ratio'. The expense ratio is a measure of what it costs an investment company to operate a mutual fund. An expense ratio is determined through an annual calculation, where a fund's operating expenses are divided by the average dollar value of its assets under management (AUM). Operating expenses are taken out of a fund's assets and lower the return to a fund's investors.
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Definitions &Translations For a tenant, rent is an expense. For students or parents, tuition is an expense. Buying food, clothing, furniture or an automobile is often referred to as an expense. An expense is a cost that is paid or remitted, usually in exchange for something of value. Something that seems to cost a great deal is expensive. Something that seems to cost little is inexpensive. Expenses of the table are expenses of dining, refreshments, a feast, etc. In accounting, expense has a very specific meaning. It is an outflow of cash or other valuable assets from a person or company to another person or company.
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Expense Accounts Expense Accounts. Expenses refer to costs incurred in conducting business. Technically, expenses are decreases in economic benefits during the accounting period in the form of decreases in assets or increases in liabilities that result in decreases in equity, other than those relating to distributions to equity participants.
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Definitions &Translations In common usage, an expense or expenditure is an outflow of money to another person or group to pay for an item or service, or for a category of costs. For a tenant, rent is an expense. For students or parents, tuition is an expense. Buying food, clothing, furniture or an automobile is often referred to as an expense.
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What Is an Expense Account or Allowance? When you run a business, you deal with two basic accounts. An income account and an expense account help you manage your business's cash flow. The expense account or allowance, is an account that contains all of your company's expenses.Understanding this account is necessary because it allows you to track how much money you're spending.pecifically, it measures the negative change in your company's total asset size. The expense account or allowance will tell you how much money is being spent to run your business while an allowance, specifically, tells you how much money is being reimbursed to employees for expenses.
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cost definition cost. In accounting, cost is defined as the cash amount (or the cash equivalent) given up for an asset. Cost includes all costs necessary to get an asset in place and ready for use.For example, the cost of an item in inventory also includes the item's freight-in cost.ost. In accounting, cost is defined as the cash amount (or the cash equivalent) given up for an asset. Cost includes all costs necessary to get an asset in place and ready for use.
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Difference Between Incurred Expenses & Paid Expenses An incurred expense is a cost that a person or business owes when receiving goods or services. In business, the phrase incurred expenses typically refers to costs incurred that have not been paid.ifference Between Incurred Expenses & Paid Expenses. Entrepreneurs often focus on creating products and services with high sales potential, but if products and services are too expensive to deliver, a company cannot be profitable. Controlling business expenses is an essential part of running a successful company.
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expenses definition For example, Cost of Goods Sold is an expense caused by Sales. Insurance Expense, Wages Expense, Advertising Expense, Interest Expense are expenses matched with the period of time in the heading of the income statement.nsurance Expense, Wages Expense, Advertising Expense, Interest Expense are expenses matched with the period of time in the heading of the income statement.
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cost Full Definition of COST. 1. a: the amount or equivalent paid or charged for something: price b: the outlay or expenditure (as of effort or sacrifice) made to achieve an object. 2. : loss or penalty incurred especially in gaining something. 3.ull Definition of COST. 1. a: the amount or equivalent paid or charged for something: price b: the outlay or expenditure (as of effort or sacrifice) made to achieve an object. 2. : loss or penalty incurred especially in gaining something. 3.
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EXPENSE The noun INCIDENTAL EXPENSE has 1 sense: 1  1. (frequently plural) an expense not budgeted or not specified. 2  Meaning: ( 3 frequently plural) an expense not budgeted or not specified. 4  Classified under: 5  Nouns denoting possession and transfer of possession. 6  Synonyms: 7  incidental; incidental expense; minor expense. 8  Context example:
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Expensed Expensed. 1  Charged to an expense account, fully reducing reported profit of that year, as is appropriate for expenditures for items with useful lives under one year. 2  Charged to an expense account, reducing the profit for a given project or assignment. The term is associated with charges connected to networking and other events used to attract clients or investors. Expensed items are written off on taxes as they reduce profit.
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- Expense is defined as the cost of something. 1  An example of an expense is the financial burden of buying a brand new car.  An example of an expense is the potential lost time in a project after the direction is changed.
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Definitions &Translations Princeton's WordNet(0.00 / 0 votes)Rate this definition: 1  spending, disbursement, disbursal, outlay(noun) the act of spending or disbursing money. 2  outgo, spending, expenditure, outlay(noun) money paid out; an amount spent.
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What Is an Expense Account or Allowance? Specifically, it measures the negative change in your company's total asset size. The expense account or allowance will tell you how much money is being spent to run your business while an allowance, specifically, tells you how much money is being reimbursed to employees for expenses.pecifically, it measures the negative change in your company's total asset size. The expense account or allowance will tell you how much money is being spent to run your business while an allowance, specifically, tells you how much money is being reimbursed to employees for expenses.
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Expense Expenses are the decreases in economic benefits during the accounting period in the form of outflows or depletions of assets or incurrences of liabilities that result in decreases in equity, other than those relating to distributions to equity participants (IASB Framework).