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Cost is the historical cost of an item. Expenses arise from normal activities a business entity undertake to earn revenue. Losses arise from extraordinary items like selling a long term asset for less than the book value.
This is a very interesting - and complex - area of accounting.
Having written and published the book Accounting for Beginners, I give accounting and business tips and lessons on my author Facebook page https://www.facebook.com/BeginnersArabic.
