Accounting gives a business a way to keep track of its liabilities and expenses. In terms of liability vs. expense accounts, a liability refers to a financial obligation, or upcoming duty to pay. An ...

Expense accounts, also called expense allowances, are plans under which companies reimburse employees for business-related expenses. These expenses include travel, entertainment, gifts, and other ...

The whole rationale of the expense-account society—aside from the benefits reaped by free-spenders of the company’s money—is that the uninhibited use of high-priced food, liquor and gifts helps ...