Expenditure

SUBMITTED BY: L319A

DATE: Sept. 27, 2016, 8:04 p.m.

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  1. Expenditure ‐‐ an expenditure occurs when something is acquired for a business ‐‐ an asset is
  2. purchased, salaries are paid, and so on. An expenditure affects the balance sheet when it
  3. occurs. However, an expenditure will not necessarily show up on the income statement or
  4. affect profits at the time the expenditure is made. All expenditures eventually show up as
  5. expenses, which do affect the income statement and profits. While most expenditures
  6. involve the exchange of cash for something, expenses need not involve cash
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