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Cost Principle - Accounting Principle
According to this principle all the non-monetary assets of the business are display in the books of accounts at the historical cost that is the price paid to obtain these assets. Non-monetary assets are rights or claims, current or fixed that cannot be converted in fixed number of rupees at a point of time. The example of current non-monetary assets are inventories, prepared expenses etc.,and of fixed non-monetary assets are building, plant & machinery, furniture, etc.
Collecting Information and Forecasting: All budgets must be based on accurate and reasonable information. A budget derived from information which is irrelevant to the actual or
discuss the steps in the controlling process
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the stock of akpan ltd performs well during recessionary periods, and the stock of okon ltd does well during growth periods. both stocks are currently selling for Rs 100 per share
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