Question: 1. According to the lecture, the differences between cost and expenses are best described as: O Cost refers to general uses of resources, while expenses

1. According to the lecture, the differences between cost and expenses are best described as: O Cost refers to general uses of resources, while expenses are more specific and describe costs included on the income statement Costs can be divided into very small groupings while expenses cannot O Expenses are deemed more important that costs Expenses help managers understand costs

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