The cost principle requires a business to record the assets acquired,or services received,at their actual cost.

Name: The cost principle requires a business to record the assets acquired,or services received,at their actual cost.
Brand: Quizplus
Rating: 4.8 (49 reviews)

Question

Quizplus · Accepted Answer

The cost principle is a fundamental accounting principle that requires a business to record the assets acquired or services received at their actual cost. This principle is also known as the historical cost principle.

The Cost Principle Requires a Business to Record the Assets