Month: February 2022

04 Feb 2022
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What is the difference between cost and expense?

This is achieved by boosting revenues while keeping expenses in check. A company’s property insurance bill for the next six months of insurance shows a cost of $6,000. Initially the cost of $6,000 is reported as the current asset Prepaid Insurance (or Prepaid Expense) since the cost has not been used up (has not expired). Calculating […]

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