ECONOMICS

Detailed explanation-1: -An expired cost is a cost that has been recognized as an expense. This happens when an entity fully consumes or receives benefit from a cost (sometimes resulting in the generation of revenue). An expired cost may also be construed as the total loss in value of an asset.

Detailed explanation-2: -As costs are used up in the production of revenues, they are said to expire. Expired costs are called expenses.

Detailed explanation-3: -Expired costs are reported as expenses. (Costs that have not yet expired are reported as assets.)

Detailed explanation-4: -Basically, when a cost is incurred, it could be in the form of deferred cost (asset) or expired cost (expense). Deferred costs are unexpired cost which provide benefit in the future periods.

Detailed explanation-5: -Prepaid expenses are future expenses that have been paid in advance. In other words, prepaid expenses are costs that have been paid but are not yet used up or have not yet expired.