What is meant by the cost principle? Explain why the principle is used primarily when accounting for assets used in a business.
2. Explain the monetary unit assumption of accounting. Explain how a business may have competitive advantage(s) that are not reported in the financial statements due to this principle, and provide an example

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The Answer of What is meant by the cost principle? Explain why the principle is used primarily when accounting for assets used in a business.
2. Explain the monetary unit assumption of accounting. Explain how a business may have competitive advantage(s) that are not reported in the financial statements due to this principle, and provide an example

What Is Meant by the Cost Principle? Explain Why the Principle