Understanding Expenses for Business Owners

The video tutorial explains what an expense is, defining it as the cost of an asset or service used to earn revenue. It emphasizes the importance of recognizing when an expense occurs, which is when the asset or service is used. The tutorial provides examples such as electricity and internet bills as business expenses. It also discusses the timing of expensing items, using the example of stamps, which are only expensed when used. The key takeaway is understanding when to expense items in a business context.

What new insight or understanding did you gain from this video?