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Define the difference between expense and cost

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Reference no: EM132968433

Expenses are expired costs that have been used up, or consumed, while carrying on business. Expense in the broadest sense includes every expired (used up) cost that is deductible from revenue.

Questions:

-Mention and define the difference between expense and cost.
-State how expense are grouped in different ways for planning and control.
-Why cost reports have influence expense formats.

Reference no: EM132968433

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