Operating Expenses - Law Dictionary Search Results
Home Dictionary Name: operating expensesoperating expenses
operating expenses The expenses of a business not directly associated with the making of a product or providing of a service, such as administrative, technical or selling expenses ...
expense
expense : financial burden or outlay ;specif : an item of business outlay chargeable against revenue for a specific period busi·ness expense : an expense made in furtherance of one's business esp. as part of the cost of operating a business in the taxable year in which the expense is incurred compare capital expense and personal expense in this entry NOTE: Business expenses are generally tax deductible in the year the expense is incurred. capital expense : an expense made in a business that will provide a long-term benefit : capital expenditure NOTE: Capital expenses are not tax deductible as business expenses but may be used for depreciation or amortization. mov·ing expense : an expense incurred in changing one's residence that is tax deductible if incurred for business reasons (as when one's job requires relocation) or·di·nary and nec·es·sary expense : an expense that is normal or customary and helpful and appropriate for the operation of a ...
lease
lease [Anglo-French les, from lesser to grant by lease, from Old French laisser to let go, from Latin laxare to loosen, from laxus slack] 1 a : a contract by which an owner of property conveys exclusive possession, control, use, or enjoyment of it for a specified rent and a specified term after which the property reverts to the owner ;also : the act of such conveyance or the term for which it is made see also sublease compare easement, license security interest at interest, tenancy NOTE: Article 2A of the Uniform Commercial Code, which governs leases where adopted, defines lease as “a transfer of the right to possession and use of goods for a term in return for consideration.” build·ing lease : ground lease in this entry consumer lease : a lease made by a lessor regularly engaged in the selling or leasing of a product to a lessee who is leasing the product primarily for his or her personal or household use finance lease : a lease in which the lessor acquires g...
charge
charge 1 a : something required : obligation b : personal management or supervision [put the child in his ] c : a person or thing placed under the care of another 2 : an authoritative instruction or command ;esp : instruction in points of law given by a judge to a jury [conviction…reversed, because of trial court's "W. R. LaFave and A. W. Scott, Jr."] 3 a : an incurred expense b : the price demanded for something (as admission or use) [a finance ] c : a debit to an account ;esp : a debit resulting from unexpected operating expenses [a against earnings] 4 : a formal allegation of an offense or wrongdoing [based on a that was dismissed "National Law Journal"] see also complaint, indictment, information vt charged charg·ing 1 a : to impose a task or responsibility on [was charged with protecting civil rights] b : to command or instruct with authority ;esp : to give a charge to (a jury) [the jury should have been charged on common-law negligence "National Law J...
home office expense
home office expense Expenses arising from operating a business in a qualified manner in your home. ...
operating
operating 1 : engaged in active business 2 : arising out of or relating to the current daily operations of a concern (as in transportation or manufacturing) as distinct from its financial transactions and permanent improvements [ expenses] [ personnel] ...
Income or net income
Income or net income, Income is money or other benefit periodically received. It is profit or revenue and not capital. It is gain derived from capital or labour or both. Net income is income obtained after deducting all expenses incurred for the purpose of earning the income. It is income minus operating expenses, D.C.M. v. S. Paramjit Singh, AIR 1990 SC 2286 (2288). [J&K Houses and Shops Rent Control Act, 1966, s. 1(3)(iii)]...
bad debt expense
bad debt expense An expense account that reflects the amount of your company's accounts that are not collectable, that is the amount of your company's accounts that are "bad debts." A "bad debt expense" account is an expense account of your company. A typical company makes an estimate as to how much it has in bad debts on a periodic (usually monthly) basis. For example, your company estimates that it has about $1,200 per year in accounts that are not collectable. Your company would make the following accounting entries each month: a debit to your "bad debt expense" account in the amount of $100, and a credit to your "allowance for bad debts" account in the amount of $100. When you actually decide that a particular debt is not collectable, you would not make an entry to the "bad debt expense" account. Instead, you would debit your company's "allowance for bad debts" account for the amount of the bad debt and credit your accounts receivable account for that amount. ...
Once and for all
Once and for all, the expression 'once and for all' was used to denote an expenditure which is made once and for all for procuring an enduring benefit to the business as distinguished from a recurring expenditure in the nature of operational expenses, CIT v. Coal Shipment (P) Ltd., AIR 1972 SC 541: (1971) 3 SCC 736: (1972) 1 SCR 1089....
ordinary and necessary business expense
ordinary and necessary business expense : ordinary and necessary expense at expense ...
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