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welcome to contacts in this lesson were going to be looking at expenses were going to explain what it is go through some examples of what i expenses and how to account for expenses when dealing with entries with regard to debits and credits so what are expenses well expenses are decreases in economic benefits during the accounting period in the form of outflows or depletions of assets or incurring liabilities that result in decreases in equity other than those relating to distributions to equity participants and this is the definition from the conceptual framework for financial reporting expenses incurred are recorded in the income statement or the statement of comprehensive income so when dealing with financial statements with regard to expenses you will find them in the income statement or the statement of comprehensive income expenses decrease the profit of the business and results in a decrease in the equity remember for you to arrive at the profit for the period you take all th