Question

Which Accounting concept states that all assets are recorded in the books of accounts at their cost price? Explain the concept. (See Lesson-2)​

Answer 1

Answer:

According to A. W. Johnson; “Accounting may be defined as the collection, compilation and systematic recording of business transactions in terms of money, the preparation of financial reports, the analysis and interpretation of these reports and the use of these reports for the information and guidance of management”.

Explanation:

Answer 2

Explanation:

Which Accounting concept states that all assets are recorded in the books of accounts at

their cost price? Explain the concept.