What is an Expense?
An expense is a financial transaction that results in a decrease in a person or organization's assets, such as cash or property. It refers to any money spent or resources used to generate revenue or to support the operations of a business or individual.
Expenses can be divided into various categories, such as fixed expenses (e.g., rent, insurance), variable expenses (e.g., utilities, supplies), and discretionary expenses (e.g., entertainment, travel). It is important for individuals and businesses to track their expenses to ensure they are not overspending and to make informed financial decisions. Proper expense management is crucial for financial stability and success.