The economic costs that a business incurs through its operations to earn revenue. In order to maximize profits, businesses must attempt to reduce expenses without also cutting into revenues. Because expenses are such an important indicator of a business's operations, there are specific accounting rules on expense recognition.
Money spent or costs incurred that are tax-deductible and reduce taxable income.
Jul 11th, 2014
Did you know? You can earn $20 for every friend you invite to Studypool!