Expense in accounting
This query is : Resolved
Quick Summary
10 November 2022
when we do expenses we lose that money as well as the potential income that we could have earned but why do we don't consider that potential income as loss in accounting
CA R SEETHARAMAN
(Expert)
10 November 2022
It's not an actual loss so it can't be accounted.
Message likes :
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CA R SEETHARAMAN
(Expert)
10 November 2022
Excess of expenditure over income is actual loss.
Message likes :
2 times
10 November 2022
sir does it mean that loss is reduction in what we actually have.i am really confused sir that's why
CA R SEETHARAMAN
(Expert)
10 November 2022
Yes, loss is reduction in what we actually have.
Message likes :
1 times
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