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Bookmark or Share- What is the difference between a cost and an expense?Some people use cost interchangeably with expense. However, we use the term cost to mean the amount spent to purchase an item, a service, etc. Some costs are not expenses (cost of land), some costs will become expenses (cost of a new delivery van), and some costs become expenses immediately (airing a television advertisement). Examples of Costs ...
- Expense: Definition, Types, and How Expenses Are Recorded - InvestopediaAn expense is a cost that businesses incur in running their operations. Expenses include wages, salaries, maintenance, rent, and depreciation. Expenses are deducted from revenue to...
- The difference between cost and expense — AccountingToolsThe difference between cost and expense is that cost identifies an expenditure, while expense refers to the consumption of the item acquired. These terms are frequently intermingled, which makes the difference difficult to understand for those people training to be accountants.
- Difference Between Cost and Expense | Deeper Look & ExampleAn expense is defined as a cost that has given a benefit and is now expired. Unexpired costs that can give benefit in the future are classified as assets. Depreciation of $1,100 ( as discussed in cost) represents the expired cost of a machine for one year and thus may be classified as an expense.
- Cost vs. Expense: What's the Difference? - The BalanceA cost is a price paid to acquire an asset, while an expense is an ongoing expense, such as employee salaries. Learn more about these similar terms.
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