Question

The _____ principle states that accounting information is based on actual cost.

Answer 1

The cost principle principle states that accounting information is based on actual cost.

What is cost principle?

The cost principle  cannbe regarded aa an accounting principle that stressed that an asset should be recorded at the purchase price.

Therefore, cost principle, stressed that accounting information is based on actual cost.

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Answer 2

People are engage in different aspect of Accounting. The Cost Principle states that accounting information is based on actual cost.

What is Accounting about?

• The primary purpose for accounting is to know, record, and pass on vital, reliable, and comparable information that pertains to an organization's business dealings so as to help internal and external people who uses it to make good decisions.

Cost Principle is known as a type of principle which implies that accounting information is due to the use of actual costs incurred in business transactions.

Conclusively, This type of cost is often measured on cash or equal-to-cash methods.

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