what is the difference between cost and expense.
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A cost might be an expense or it might be an asset. An expense is a cost that has expired or was necessary in order to earn revenues. ... Initially the cost of $6,000 is reported as the current asset Prepaid Insurance.
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A cost might be an expense or it might be an asset. An expense is a cost that has expired or was necessary in order to earn revenues. ... Initially the cost of $6,000 is reported as the current asset Prepaid Insurance.
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A cost might be an expense or it might be an asset. An expense is a cost that has expired or was necessary in order to earn revenues. We hope the following three examples will illustrate the difference between a cost and anexpense. A company has a cost of $6,000 for property insurance covering the next six months.
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