Define Cost , Expense and Loss in terms of accounting ?

Purchase price of assest is called expense. price/value/cost of used portion or quantity of asset is called expense. When assest become vanished or damaged or lost without providing benefit its cost become loss.

Cost is the historical cost of an item. Expenses arise from normal activities a business entity undertake to earn revenue. Losses arise from extraordinary items like selling a long term asset for less than the book value.

This is a very interesting - and complex - area of accounting.

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Cost - This is term which gives us business and nothing is free in this world. Cost is also called investment.

Profit - If that Investment gives appreciation value then its called Profit.  

Loss - If that Investment gives depreciation value then its called Loss.

cost result in the ownership of some tthing

expenses do not result in any owner ship for example haircut,rent etc

loss is incurred when expenses are more than the revenue