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  2. Assets vs. Expenses: Understanding the Difference - AOL

    www.aol.com/finance/assets-vs-expenses...

    Regardless, record your expenses on your profit and loss report as a debit to your cash account. For example, if the restaurant spends $1,000 on ingredients like vegetables, meat, eggs, and butter ...

  3. Expense - Wikipedia

    en.wikipedia.org/wiki/Expense

    It must be paid (4) in carrying on (meaning not prior to the start of a business or in creating it) (5) a trade or business activity. To qualify as a trade or business activity, it must be continuous and regular, and profit must be the primary motive. An expense can be a loss or profit. But the loss or profit need not really be an expense.

  4. Chart of accounts - Wikipedia

    en.wikipedia.org/wiki/Chart_of_accounts

    A chart of accounts compatible with IFRS and US GAAP includes balance sheet (assets, liabilities and equity) and the profit and loss (revenue, expenses, gains and losses) classifications. If used by a consolidated or combined entity, it also includes separate classifications for intercompany transactions and balances.

  5. Double-entry bookkeeping - Wikipedia

    en.wikipedia.org/wiki/Double-entry_bookkeeping

    Expenses or Losses Accounts: debit entry represents an increase in expenses and losses, and credit entry represents a decrease in expenses and losses. These five rules help learning about accounting entries and also are comparable with traditional (British) accounting rules.

  6. Fixed Expenses vs. Variable Expenses: What’s the Difference?

    www.aol.com/finance/fixed-expenses-vs-variable...

    Here's a comparison of fixed expenses vs. variable expenses to help you budget efficiently. Skip to main content. Sign in. Mail. 24/7 Help. For premium support please call: 800-290-4726 ...

  7. Debits and credits - Wikipedia

    en.wikipedia.org/wiki/Debits_and_credits

    All Income and expense accounts are summarized in the Equity Section in one line on the balance sheet called Retained Earnings. This account, in general, reflects the cumulative profit (retained earnings) or loss (retained deficit) of the company. The Profit and Loss Statement is an expansion of the Retained Earnings Account.

  8. Accounting equation - Wikipedia

    en.wikipedia.org/wiki/Accounting_equation

    The income and retained earnings of the accounting equation is also an essential component in computing, understanding, and analyzing a firm's income statement. This statement reflects profits and losses that are themselves determined by the calculations that make up the basic accounting equation.

  9. Fixed cost - Wikipedia

    en.wikipedia.org/wiki/Fixed_cost

    Along with variable costs, fixed costs make up one of the two components of total cost: total cost is equal to fixed costs plus variable costs. In accounting and economics, fixed costs, also known as indirect costs or overhead costs, are business expenses that are not dependent on the level of goods or services produced by the business. They ...