All Outflows of the business for earning is called Expenses. According to SFAC 6 as “outflows from delivering or producing goods, rendering services or carrying out other activities that constitute the entity’s ongoing major or central operations” (Para. 80). Expenses are economic costs that a business incurs through its operations to earn Revenue.
>> Read Golden Rules of Accounting.
Mukharji, A., & Hanif, M. (2003). Financial Accounting (Vol. 1). New Delhi: Tata McGraw-Hill Publishing Co.
Narayanswami, R. (2008). Financial Accounting: A Managerial Perspective. (3rd, Ed.) New Delhi: Prentice Hall of India.
Ramchandran, N., & Kakani, R. K. (2007). Financial Accounting for Management. (2nd, Ed.) New Delhi: Tata McGraw Hill.