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 ...

An expense account sounds simple enough, but it actually means two different things in business. First, it's the process that lets employees pay for work expenses and get reimbursed by their company.

An expense account sounds simple enough, but it actually means two different things in business. First, it’s the process that lets employees pay for work expenses and get reimbursed by their company.