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==Origin==
[http://nordan.daynal.org/wiki/index.php?title=English#ca._1100-1500_.09THE_MIDDLE_ENGLISH_PERIOD Middle English], from Anglo-French or Late Latin; Anglo-French, from Late Latin expensa, from [[Latin]], feminine of expensus, past participle of expendere
*[http://en.wikipedia.org/wiki/14th_century 14th Century]
==Definitions==
*1archaic : the [[act]] or an instance of expending : expenditure
*2a : something expended to secure a benefit or bring about a result
:b : [[financial]] burden or outlay : cost <built the [[monument]] at their own expense>
:c : an item of [[business]] outlay chargeable against revenue for a specific period
*3: a [[cause]] or occasion of expenditure <an estate is a great expense>
*4: a loss, detriment, or [[embarrassment]] that results from some [[action]] or gain : [[sacrifice]] <everyone had a good laugh at my expense> —usually used in the phrase at the expense of <[[develop]] a boy's [[physique]] at the expense of his [[intelligence]] — [http://en.wikipedia.org/wiki/Bertrand_Russell Bertrand Russell]
==Description==
In common usage, an [[expense]] or 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 [http://en.wikipedia.org/wiki/International_Accounting_Standards_Board International Accounting Standards Board] defines expenses as
<blockquote>...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.</blockquote>
==See also==
*'''''[[Accounting]]'''''
[[Category: Economics]]
==Origin==
[http://nordan.daynal.org/wiki/index.php?title=English#ca._1100-1500_.09THE_MIDDLE_ENGLISH_PERIOD Middle English], from Anglo-French or Late Latin; Anglo-French, from Late Latin expensa, from [[Latin]], feminine of expensus, past participle of expendere
*[http://en.wikipedia.org/wiki/14th_century 14th Century]
==Definitions==
*1archaic : the [[act]] or an instance of expending : expenditure
*2a : something expended to secure a benefit or bring about a result
:b : [[financial]] burden or outlay : cost <built the [[monument]] at their own expense>
:c : an item of [[business]] outlay chargeable against revenue for a specific period
*3: a [[cause]] or occasion of expenditure <an estate is a great expense>
*4: a loss, detriment, or [[embarrassment]] that results from some [[action]] or gain : [[sacrifice]] <everyone had a good laugh at my expense> —usually used in the phrase at the expense of <[[develop]] a boy's [[physique]] at the expense of his [[intelligence]] — [http://en.wikipedia.org/wiki/Bertrand_Russell Bertrand Russell]
==Description==
In common usage, an [[expense]] or 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 [http://en.wikipedia.org/wiki/International_Accounting_Standards_Board International Accounting Standards Board] defines expenses as
<blockquote>...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.</blockquote>
==See also==
*'''''[[Accounting]]'''''
[[Category: Economics]]