In accounting, the cost principle is part of the generally accepted accounting principles. Assets should always be recorded at their cost, when the asset is new and also for the life of the asset.
Explanation:
Cost accounting generally focuses on a particular product, activity or project. It relies on the principle of collecting all the costs that fall within the area you are analyzing, no matter how they are incurred or who generates them
Answers & Comments
Answer:
In accounting, the cost principle is part of the generally accepted accounting principles. Assets should always be recorded at their cost, when the asset is new and also for the life of the asset.
Explanation:
Cost accounting generally focuses on a particular product, activity or project. It relies on the principle of collecting all the costs that fall within the area you are analyzing, no matter how they are incurred or who generates them