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Which of the following best describes the difference between costs and expenses? Muitiple Choice ...

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Accounting

Which of the following best describes the difference between costs and expenses?
Muitiple Choice
Expenses are Initally recognized on the balance sheet as assets (le. Inventory) and then transferred to the income statement as expenses again when
the related goods or services are sold, and costs are recognized on the income statement for the period in which they are incurred.
Only expenses are recognized on the balance sheet and income statement.
Expenses and Costs are initilly recognized on the balance sheet as assets (.e. Inventory) and then transferred to the income statement as expenses
when the related goods or services are sold.
Costs are initially recognized on the balance sheet as assets (l. inventory) and then transferted to the income statement as expenses when the
related goods or services are sold, and expenses are recognized on the income statement for the period in which they are incurred.
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