Bank Routing Numbers. Bank Routing Numbers. Bank routing number or routing transit number (RTN) is a nine digit number used to identify financial institution in a transaction. Most common transaction types where routing numbers are used are ACH and wire transfers.
Expense Accounts. In financial accounting, expense is: The consumption of the business' own resources (assets). Examples: consumption of supplies, cash, materials inventory and deterioration of equipment etc. OR. The creation of a liability against the business when it consumes resources from outside.
Previous lesson: Accrued Income (Part 2) Next lesson: Accrued Expenses (Part 1) If we define income as the event that results in money flowing into the business, then how do you think we define expenses? Expenses are simply the events that result in money flowing out of the business.