Economy, asked by mishranikki99, 9 months ago

What is the cost principle. Please answer in 250 words or more.

Answers

Answered by siddharthgoswami789

Explanation:

It is also known as the historical cost principle. The cost principle requires that assets be recorded at the cash amount (or its equivalent) at the time that an asset is acquired. For example, if equipment is acquired for the cash amount of $50,000, the equipment will be recorded at $50,000.

Answered by muskan8422

Answer:

In accountancy, cost principal is a part of the generally accepted according principal. Assets should always be recorded at their cost, when the asset is new and also for the life is the asset.

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