1
Q
what is the cost principle?
A
requires that assets are shown at the original cost when bought by the company (historical cost)
accounting
flashcards
Decks in class (15)
# Cards
-
Accounting Basics8
-
Types and Forms of Business16
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Accounting Activities3
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The Accounting Cycle1
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Professional Accountants10
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Net Worth9
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Types of Assets and Liabilities2
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Balance sheets5
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Generally Accepted Accounting Principles1
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International Financial Reporting Standards1
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GAAP --> IFRS1
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Business Entity Principle1
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Cost Principle1
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The Revaluation Model1
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Going Concern Assumption1
