Looking at the statement of profit or loss I see the headings: Distribution COSTS Administrative EXPENSES Finance COSTS Tax EXPENSE is there a technical difference between a cost and an expense? Are they interchangeable (does it matter?) cheers
Cost vs expense Hi old.student Is there a difference? Yes, though the differences are very technical. There are lots of articles online that explain the differences, see for example: http://www.quora.com/What-is-the-difference-between-cost-and-expense. Are they used interchangeably? In the real world, yes. Does it matter? For accountants, probably yes. In Subject CT2, not so much!
