What are Expenses?
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All right. Here's the other part expenses,
now what is an expense? Well definition
says that it's the cost of an asset or
used to earn revenue now again I like to
put them in layman's terms
uh loose layman's terms. it's just what
we use. If we've used something in order
to make that revenue then it's an
expense and that's at what point we
expense that it's when we have used it,
so if you're looking around and you're
and you're a business obviously we're
dealing this from a business side um
you're using electricity, the cost of
that electricity is going to be
expensed, if you go purchase
your internet bill that's an expense
because you're using it
in order to do something to generate
revenue if you're a business.
If I go to and again this is a loose
but it proves the point it's more
exaggerated if you go to the post office
and buy a book of stamps, those stamps
you bring back to your your work is not
necessarily expense yet
why because we haven't used them yet but
when we start taking them out of the
book and putting them on our envelopes
and sending them off
at that moment I have used them and I
can start expensing them.
So it's really important for you to be
able to determine when something needs
to be expense and when it doesn't,
and that's how you do it. Appreciate it.