Which of the Following Statements Regarding Expenses and Costs Is

Multiple Choice

Which of the following statements regarding expenses and costs is correct?

A) Costs and expenses are the same for accounting and reporting purposes.
B) Costs are reported on the income statement or the balance sheet, and expenses are reported only on the income statement.
C) Costs are reported on the income statement, and expenses are reported on the balance sheet.
D) An expense has remaining future benefit while a cost will never have future benefit.