What is the definition of Recognition of expense? | Dictionary.net

RECOGNITION OF EXPENSE

\ɹˌɛkəɡnˈɪʃən ɒv ɛkspˈɛns], \ɹˌɛkəɡnˈɪʃən ɒv ɛkspˈɛns], \ɹ_ˌɛ_k_ə_ɡ_n_ˈɪ_ʃ_ə_n ɒ_v ɛ_k_s_p_ˈɛ_n_s]\

Definitions of RECOGNITION OF EXPENSE

1910 - Black's Law Dictionary (2nd edition)

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This term is in reference to the inclusion of revenue in an income account. According to the provisions of GAAP, expense is recognized when incurred, whether it is paid or not.

1910 - Black's Law Dictionary (2nd edition)
By Henry Campbell Black

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