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Expense
An expense is defined as the cost incurred due to the purchase of any goods, service, facility, or any other cost in an organization that works to generate revenue. Common expenses in a company include salaries/wages, rent, bonus, gifts, travel reimbursements, stationery, equipment purchase, tea/coffee cost, meals, etc. The accounts department records expenses in two methods; cash basis or accrual basis. Organizations can write-off tax-deductible expenses on their ITR if they meet the IRS (Internal Revenue Service) guidelines.
Most common types of expenses
- COGS (Cost of Goods Sold)
- Operating Expenses
- Non-Operating Expenses
- Financial Expenses
- Extra Ordinary Expenses
- Non-Cash Expenses
