1.How do you understand costing principles ? Explain .
plssss.help me guys ..
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1.How do you understand costing principles ? Explain .
plssss.help me guys ..
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Answer:
The cost principle is an accounting principle that records assets at their respective cash amounts at the time the asset was purchased or acquired. The amount of the asset that is recorded may not be increased for improvements in market value or inflation, nor can it be updated to reflect any depreciation.
n accounting, the cost principle is part of the generally accepted accounting principles. Assets should always be recorded at their cost, when the asset is new and also for the life of the asset.
Explanation:
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