expense n
1. amounts paid for goods and services that may be currently tax deductible (as opposed to capital expenditures) [syn: disbursal, disbursement]
2. a detriment or sacrifice; "at the expense of"
3. money spent to perform work and usually reimbursed by an employer; "he kept a careful record of his expenses at the meeting"

Expense \Ex*pense"\, n. [L. expensa (sc. pecunia), or expensum, fr. expensus, p. p. of expendere. See Expend.]
1. A spending or consuming; disbursement; expenditure. Husband nature's riches from expense. --Shak.
2. That which is expended, laid out, or consumed; cost; outlay; charge; -- sometimes with the notion of loss or damage to those on whom the expense falls; as, the expenses of war; an expense of time. Courting popularity at his party's expense. --Brougham.
3. Loss. [Obs.] --Shak. And moan the expense of many a vanished sight. --Spenser. Expense magazine (Mil.), a small magazine containing ammunition for immediate use. --H. L. Scott.

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In common usage, an expense or expenditure is an outflow of money to another person or group to pay for an item or service, or for a category of costs. For a tenant, rent is an expense. For students or parents, tuition is an expense. Buying food, clothing, furniture or an automobile is often referred to as an expense. An expense is a cost that is "paid" or "remitted", usually in exchange for something of value. Something that seems to cost a great deal is "expensive". Something that seems to cost little is "inexpensive". "Expenses of the table" are expenses of dining, refreshments, a feast, etc.

In accounting, expense has a very specific meaning. It is an outflow of cash or other valuable assets from a person or company to another person or company. This outflow of cash is generally one side of a trade for products or services that have equal or better current or future value to the buyer than to the seller. Technically, an expense is an event in which an asset is used up or a liability is incurred. In terms of the accounting equation, expenses reduce owners' equity. The International Accounting Standards Board defines expenses as

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