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. Explain the meaning of (1) COST, (2) EXPENSE, and (3) LOSS as used for financial reporting in conformity with generally accepted accounting principles. In

. Explain the meaning of (1) COST, (2) EXPENSE, and (3) LOSS as used for financial reporting in conformity with generally accepted accounting principles. In you explanation discuss the distinguishing characteristics of the terms and their similarities and interrelationships.

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