Question

What are expenses ? What are the types of expenses ??

Answer 1

Answer :

Definition :-

Expenses :- Costs incurred by a business in the process of earning revenue are known as expenses. They are the amount spent in order to produce and sell the goods and services which produces the revenue.

Types :-

• Outstanding Expenses :- It refers to those expenses which have become during the accounting period but which have not yet paid. They are liability for the firm.
• Prepaid Expenses :- It refers to those expenses which are not due yet but are paid in advances .They are treated as an asset.

                                                                                                                                       

Answer 2

Answer:

Most, but not all, expenses are deductible from a company's income (revenues) to arrive at its taxable income. The most common tax-deductible expenses include depreciation and amortization, rent, salaries, benefits and wages, marketing, advertising, and promotion.

Explanation: here are three major types of expenses we all pay: fixed, variable, and periodic.