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Difference between expenditure and expense?
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Answer Posted / csshailendra
Expences are generally classified into two categaries
1:Capital , 2: Revenue.
Expences of revenue nature are generally of small amounts
and are charged to the P/L A/C.Whereas the Capital
Expenditure are huge in amounts and are usually
ammortizedand are shown in the B/s.
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I am a Leaving Cert Student. From Solutions to exam questions etc. I know what to do with the following adjustment but I cannot explain why. A thypical Adjustment is: A building is acquired for €60000 plus VAT at 10%. The amount paid to the Vendor was entered in the Buildings Account. No entry made in the VAT account. Could you explain why the VAT amount is deducted from the VAT amount in the TB? And why it is sometimes an Asset in the BS. Thank you, Mary
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