What every business should know about expense accounts An expense account sounds simple enough, but it actually means two different things in business. First, it’s the process that lets employees pay ...

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In basic accounting terms, expenses are recorded as debits, which increase the expense account balance and reduce net income. The dual nature of expense accounts makes them central to business ...

From an accounting perspective, expense accounts live on the income statement where all business costs get recorded. These are temporary accounts that reset each fiscal period. At the end of the year ...