Expense accounts, also called expense allowances, are plans under which companies reimburse employees for business-related expenses. These expenses include travel, entertainment, gifts, and other ...

Northwestern uses chart string-based systems to manage financial transactions, in which all expenses are classified by five-digit expense account codes (e.g. – 73475 is “Lab Supplies and Hardware”).

When a company purchases an asset it does not expect the asset to retain its current value forever. Instead, the company expects the asset to depreciate, or loose some of its value over time.

Accounting gives a business a way to keep track of its liabilities and expenses. In terms of liability vs. expense accounts, a liability refers to a financial obligation, or upcoming duty to pay. An ...

Internal Revenue Commissioner Mortimer Caplin, a onetime amateur boxer who has been taking some quick professional jabs at expense-account living, last week issued his “final” rules on tax deductions ...