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Explain difference between a cost and an expense

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Reference no: EM13506710

Distinguishing between an expense and a cost. Christy Byrd tells you that the accountants where she works are real hair splitters. For example, they make a big issue over the difference between a cost and an expense. She says the two terms mean the same thing to her.

Required

a. Explain to Christy the difference between a cost and an expense from an accountant's perspective.

b. Explain whether each of the following events produces an asset or an expense.

(1) Purchased a building for cash.
(2) Purchased supplies on account.
(3) Used supplies on hand to produce revenue.
(4) Paid in advance for insurance on the building.
(5) Recognized accrued salaries.

Reference no: EM13506710

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