ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -An expenditure represents a payment with either cash or credit to purchase goods or services.

Detailed explanation-2: -Expenses, costs and payments are often used interchangeably as an expression of money leaving the company. However, conceptually there is a small difference. An expense occurs when you acquire a product whether it is for resale, for production or for own consumption. A payment takes place when you pay for the product.

Detailed explanation-3: -Goods and services expense (% of expense) Definition: Goods and services include all government payments in exchange for goods and services used for the production of market and nonmarket goods and services. Own-account capital formation is excluded.

Detailed explanation-4: -Service Expenses means the total of all reasonable costs charges commissions premiums fees interest expenses and taxes (including VAT) properly incurred or payable by the Owner in respect of and incidental to the provision of the Services in or in relation to any Service Year. Sample 1.

Detailed explanation-5: -Cost of Goods Sold. Operating Expenses. Financial Expenses. Extraordinary Expenses. Non-Operating Expenses.