Cost: Cost is defined as the “Value” of the sacrifice made to acquire goods or services measured in monetary terms by the reduction of assets or increase of liability at the time of benefit acquired.
The cost incurred is for present (Expired Cost) or future (Unexpired Cost) benefits.
Expenses: when the benefits of unexpired cost are utilized the cost become expenses. An expense is cost that has given a benefit and is now expired.
Loss: In certain instance the goods or services purchased become value less without having provided any benefit. These costs are called losses and appear on the income statement as a deduction from revenue in the period that the decrease in value occurred.
In accounting, cost, expense, and loss are relevant differences, they look similar but serve a different role in financial reporting; that is all. Honestly, identifying these three concepts in one's mind has been very mystifying while preparing for finals. Now, I feel like going ahead and hire someone to take my online exams, just to get through it all!
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