The phase "ordinary and necessary" has been defined to mean that an expense must be essential and indispensable to the conduct of a business.

Name: The phase "ordinary and necessary" has been defined to mean that an expense must be essential and indispensable to the conduct of a business.
Brand: Quizplus
Rating: 4.8 (37 reviews)

Question

Quizplus · Accepted Answer

The phrase "ordinary and necessary" means that an expense must be common and accepted in the field of business and helpful or appropriate for the business, not necessarily essential and indispensable.

The Phase "Ordinary and Necessary" Has Been Defined to Mean