Question

What is cost concept ?​

Answer 1

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. ... Assets that are recorded can include short-term and long-term assets, liabilities and any equity, and these assets are always recorded at their original cost.

Explanation:

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Answer 2

Explanation:

In 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.