CAN ANYBODY SAID TO ME WHT IS THE DIFFERENCE BETWEEN COST &EXPENSES...PLS ANSWER BRIEFLY.....
4 Replies
Pooja Chopda
(Practising Chartered Accountant)
(931 Points)
Replied 18 July 2008
Expenses- it is any kind of expenditure- salary, rent, electricity bill,etc ,where as, Cost- It is expenditure that results in bringing goods to a given state/place- freight, loading/unloading, godown rent, etc.
Also cost can be allocated/logically apportioned to a product..expenses cannot be allocated.
Also cost will be nil if operations are not carried on...but expenses will still be incurred.
ALL COST ARE EXPENSES BUT ALL EXPENSES ARE NOT COST.
Amresh Choudhary
(M.Sc. (Maths) MBA LLB (DU))
(694 Points)
Replied 19 July 2008
Cost is the price at what is produce or the amount is spend to produce a goods, service ect.
But Expense is the price to be given by the customer to buy a thing, which may be more than that of cost.
I think will clear out your doubt
with regards,
Amrish
Irshad
(Article)
(1426 Points)
Replied 19 July 2008
I think the above definition given by Mr Amrish is very so as to clear your doubts.
Irshad
(Article)
(1426 Points)
Replied 19 July 2008
I think the above definition given by Mr Amrish is very good enough so as to clear your doubts.
Recent Topics
- Clarity needed on effective date
- Income Tax Refund Deadline Shortened to Five Years
- Rectification Applications for Past GST Demands
- Where can I find a trusted provider to hire a skip
- GST Invoices Series
- FILING OF ITR AY 20-21
- CLAIMING OF U CLAIMED RCM
- Building construction works
- REGARDING GSTR-9 F.Y 2023-24
- Rectification to decrease income in SCHEDULE OS
Related Threads
CAclubindia
