Cost vs. Expense what is the difference

Accounting
Tutor: None Selected Time limit: 1 Day

What is the difference between a cost and an expense? When does a cost become an expense? Do all costs become expenses? Explain.

Nov 5th, 2014

The difference between a cost and an expense is that a cost is the actual monies spent on lets say 12 items. An expense is the items used. Example if you have 12 items and you have used 10 then those 10 are expenses and the remaining 2 become assists. Now knowing this, a cost becomes an expense when the item is actually utilized and not all cost become expenses because they might not be used and would be considered assists.

I hope this information help you

Thanks

Amanda L

Nov 5th, 2014

Did you know? You can earn $20 for every friend you invite to Studypool!
Click here to
Refer a Friend
...
Nov 5th, 2014
...
Nov 5th, 2014
Dec 3rd, 2016
check_circle
Mark as Final Answer
check_circle
Unmark as Final Answer
check_circle
Final Answer

Secure Information

Content will be erased after question is completed.

check_circle
Final Answer