Question

discuss the cost concept​

Answer 1

Answer:

The cost principle is an accounting principle that requires assets, liabilities, and equity investments to be recorded on financial records at their original cost. ... The cost principle is also known as the historical cost principle and the historical cost concept

Answer 2

Answer:

The cost concept of accounting states that all acquisition of items (such as assets or things needed for expending) should be recorded and retained in books at cost. Thus, if a balance sheet shows an asset at a certain value it should be assumed that this is its cost unless it is categorically stated otherwise