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What is cost, expense and loss according to the generally accepted accounting principles?

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Question ajoutée par Raymond Adongo
Date de publication: 2018/11/06
Kokab Rahman
par Kokab Rahman , CEO , Radeya Global

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.

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