Explain Cost Concept?

1.	Explain Cost Concept?
Answer» Cost Concept: According to this concept, an ASSET is RECORDED at the cost at which it is acquired instead of taking current MARKET prices of VARIOUS assets. Cost Concept: According to this concept, an asset is recorded at the cost at which it is acquired instead of taking current market prices of various assets.

Answer»

Cost Concept:
According to this concept, an ASSET is RECORDED at the cost at which it is acquired instead of taking current MARKET prices of VARIOUS assets.

Cost Concept:
According to this concept, an asset is recorded at the cost at which it is acquired instead of taking current market prices of various assets.

Discussion

No Comment Found

Related InterviewSolutions

What Does A General Accountant Do?
What Is General Accounting Service?
Definition Of 'generally Accepted Accounting Principles - Gaap'?
What Is Golden Rules Of Account?
What Is The Difference Of Fund Flow Statement And Cash Flow Statement?
What Is Tds And Sale Tax Return?
What Is The Difference Between Journal Voucher And Contra?
What Is Difference Between Budget & Budgeting?
What Is Meant By Spin-off?
What Are The Techniques Of Inventory Control?

Explain Cost Concept?

Discussion

No Comment Found

Related InterviewSolutions

Reply to Comment