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expense account


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1. An account, opened in either the cost ledger or the nominal ledger, for each expenditure heading in which the costs of an organization are recorded before being totalled and transferred to the profit and loss account at the end of an accounting period. 2. The amount of money that certain staff members are allowed to spend on personal expenses in carrying out their activities for an organization.

1. An account, opened in either the cost ledger or the nominal ledger, for each expenditure heading in which the costs of an organization are recorded before being totalled and transferred to the profit and loss account at the end of an accounting period. 2. The amount of money that certain staff members are allowed to spend on personal expenses in carrying out their activities for an organization.

Subjects: Financial Institutions and Services — Accounting.


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