An expense could be defined as a monetary sum that needs to be paid. It is the opposite of income (money coming in), an expense would be money going out, owing or due to go out. For example, putting fuel or gas in your car could be described as an expense as it would cost you money to pay for the gas, and this money is an expense. More specifically an expense is money owed for something that you have already done or already own. Therefore an outstanding expense is an amount of money that is owed has yet to be paid. It would be money that was supposed to be paid but, for whatever reason, the transaction has not been done or completed, leaving money owing.
- What is an example of an outstanding expense?