RECOVERED EXPENSE Meaning and
Definition
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"Recovered expense" refers to the reimbursement or compensation received for previously incurred costs or expenditures, resulting in the restoration or recouping of the funds spent. This term commonly applies to financial accounting and business transactions.
When a person or organization incurs expenses, they are liable to be reimbursed by a third party, such as an insurance company or another individual or entity who is responsible for covering the costs. This reimbursement, often referred to as a recovered expense, is the process of recovering the amount spent. It denotes the return of funds, ultimately causing a reduction in the overall expenditures incurred.
Recovered expenses can arise from various situations, including insurance claims, legal settlements, or even personal agreements between individuals. For example, when an individual's property is damaged, the expenses involved in repairing or replacing the damaged property may be covered by an insurance policy, allowing for the recovery of those expenses. Similarly, if a business successfully sues a supplier for faulty goods or services, the expenses incurred as a result of the faulty transaction may be recovered in a legal settlement.
Ultimately, the concept of recovered expense revolves around the notion of restitution, where funds that were initially paid out are reimbursed, resulting in financial restoration or compensation.
Common Misspellings for RECOVERED EXPENSE
- recoved expense
- recoverd expense
- recovert expense
- eecovered expense
- decovered expense
- fecovered expense
- tecovered expense
- 5ecovered expense
- 4ecovered expense
- rwcovered expense
- rscovered expense
- rdcovered expense
- rrcovered expense
- r4covered expense
- r3covered expense
- rexovered expense
- revovered expense
- refovered expense
- redovered expense
- recivered expense
Etymology of RECOVERED EXPENSE
The word "recovered" in the term "recovered expense" comes from the verb "recover", which has its origins in the Latin word "recuperare". "Recuperare" means "to regain, recover, or get back" in Latin.
The word "expense" comes from the Old French word "espense", which means "cost or expenditure". This Old French word is derived from the Latin word "expensa", the feminine past participle of "expendere", meaning "to weigh out" or "to pay out".
So, the etymology of "recovered expense" indicates that it refers to the process of regaining or getting back a previously incurred cost or expenditure.
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