expense is incurred
61Rent Expense — The cost incurred by a business to utilize property. Business can take rent expenses as a tax deduction, provided that the property is used for business purposes, the cost is reasonable, and no equity or ownership in the property is accumulated… …
62meals and entertainment expense — A tax deduction allowed for meals and entertainment expenses incurred in the course of business. Bloomberg Financial Dictionary …
63direct expense — Expenditure that would not be incurred unless a particular cost unit were produced (excluding the costs of direct labour and materials). Direct expenses are included in the direct cost of an item …
64maintenance expense — The costs incurred in carrying out the maintenance function. Factory maintenance would be classified as a manufacturing overhead, office maintenance as an administration overhead, salesmen s car maintenance as a selling overhead, and distribution …
65direct expense — Expenditure that would not have been incurred had a particular product not been produced, excluding the costs of direct labour and materials. Direct expenses are included in the direct cost of an item …
66family expense statutes — State statutes which permit charge against property of husband or wife for debts connected with family support and maintenance such as rent, food, clothing, and tuition. As used in tax law, expenses incurred for personal, living or family… …
67family expense statutes — State statutes which permit charge against property of husband or wife for debts connected with family support and maintenance such as rent, food, clothing, and tuition. As used in tax law, expenses incurred for personal, living or family… …
68business expense — As a deduction in income tax return, any of the various expenses incurred in carrying on a trade or business, provided it is both ordinary and necessary in relation to the trade or business. IRC § 162(a) …
69loss and loss expense reserve — Terminology of insurers; the estimated amount payable for losses reported but not yet settled, plus a reserve for losses incurred but not yet recorded, including the estimated expenses of adjustment …
70Matching principle — Accountancy Key concepts Accountant · Accounting period · Bookkeeping · Cash and accrual basis · Cash flow management · Chart of accounts  …
