This is a monetary amount that is paid against receiving of goods or services that have been offered by a particular party.
The various types are:
- Salaries
 - Wages
 - Rent
 - Commission
 - Interests
 - Bills of various services (Gas, Electricity, Oil, Water, Telephone)
 - Carriage on both outward and inward journey
 - Customs and Freight
 - Advertisements expenditure
 - Interest on Bank Loan and Capital
 - Legal charges
 - Audit fees
 - Drawings
 - Discounts
 - Bills of Discount
 - Untoward incidents not covered by Insurance company
 - Bad debts
 - Insurance
 
Links of Previous Main Topic:-
- Preparation of final accounts
 - Recording of business transaction basis of accounting
 - Single entry system of bookkeeping
 - Double entry system of bookkeeping
 - Classification of accounts
 - Rules of double entry or accounting rules
 - Accounting cycle
 - Journal
 - Ledger
 - Trial balance
 - Income
 
Links of Next Financial Accounting Topics:-
      
        