Expense
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. 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. This outflow of cash is generally one side of a trade for products or services that have equal or better current or future value to the buyer than to the seller. Technically, an expense is an event in which an asset is used up or a liability is incurred. In terms of the accounting equation, expenses reduce owners’ equity. The International Accounting Standards Board defines expenses as:…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.
Expense (noun)
A spending or consuming, often a disbursement of funds.
“She went to great expense to ensure her children would get the best education.”
“Buying the car was a big expense, but will be worth it in the long run.”
“We had a training weekend in New York, at the expense of our company.”
Expense (noun)
The elimination or consumption of something, sometimes with the notion of loss or damage to the thing eliminated.
“Jones reached the final at the expense of Smith, who couldn’t beat him.”
Expense (noun)
Loss.
Expense (verb)
To charge a cost against an expense account; to bill something to the company for which one works.
“It should be acceptable to expense a business lunch with a client.”
Expence (noun)
obsolete spelling of expense
Expense (noun)
the cost incurred in or required for something
“conference rooms were equipped at great expense”
“book into the best hotel you can find and hang the expense”
Expense (noun)
the costs incurred in the performance of one’s job or a specific task
“his hotel and travel expenses”
Expense (noun)
a thing on which one is required to spend money
“tolls are a daily expense”
Expense (verb)
offset (an item of expenditure) as an expense against taxable income
“up to $17,500 in capital expenditures can be expensed in the year they were incurred”
Expense (verb)
charge (something) to an expense account
“I can expense the refreshments”