Expenditures vs Expenses | Prepaid expenses vs Outstanding expenses | Expenses vs Revenue
Accounting key differences:
In this video you will learn the key differences between expenditures vs expenses, prepaid expenses vs outstanding expenses, expenses vs revenue.
Expenditures refer to the outflow of cash to acquire goods or services. This includes both immediate payments and future obligations.
Expenses are the costs incurred in generating revenue. They are recognized on the income statement when they are incurred, regardless of when the cash is paid.
Prepaid expenses and outstanding expenses are specific types of expenses:
Prepaid expenses are expenses paid in advance.
Outstanding expenses are expenses that have been incurred but not yet paid.
Expense and Revenue:
Expenses represent the costs incurred in generating revenue. They reduce net income.
Revenue is the income earned from the sale of goods or services. It increases net income.
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