Topic: Cost Principle
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Answers to Common Questions
What is Historical cost principle?
The his torical cost principle is an accounting principle that requires transactions and economic events to be valued in the financial statements at the actually dollar amounts involved when the transaction or economic event took place. For... Read More »
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What is cost principle?
Accounting concept that goods and services purchased should be recorded at their historical cost and not at their current market value. Read More »
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What is the cost benefit principle?
It is an analysis of the cost effectiveness of different alternatives in order to ... Read More »
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More Common Questions
Answers to Other Common Questions
How can the direct and indirect cost principles applicable to labour?
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Principles of Cost Accounting:- 1. It implies the cause ,and effect in the department in some way or the other to which it has incurred. 2. It takes place after it has incurred. 3. must not be on the determinance of prudence, it must be bas...
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Accountability is said to have been discharged if complete informat... ...MORE...
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Generally Accepted Accounting Principles (GAAP) is the americanized term used to refer to the standard framework of guidelines for financial accounting used in any given jurisdiction which are generally known as Accounting Standards. GAAP i...
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Utilitarianism - The greatest good for the greatest amount of people
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Increasing cost (per unit) is due to diseconomies of scale... 1. managerial inefficiencies...as u increas output...it becomes difficult to supervise etc. 2. Financial inefficiencies...
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There's a bunch of them, such as Ex ...
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