Expenses

Tax Glossary Definition

Expenses

Expenses represent the costs or outflows of resources incurred by individuals or businesses in the course of earning revenue or conducting daily operations. They encompass payments for items such as salaries, rent, utilities, depreciation, and other operational costs that are essential for maintaining business activities or managing personal finances. In accounting, expenses are typically recorded in the period in which they are incurred to accurately reflect profitability.

Example: A company’s monthly expenses may include office rent, employee wages, electricity bills, and raw material purchases necessary for production.

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