Illustrate exchange-price concept, Accounting Basics

Assignment Help:

Q. Illustrate Exchange-price concept?

Exchange-price (or cost) concept (principle). The majority of the amounts in an accounting system are the objective money prices determined in the exchange process. Consequently we record most assets at their acquisition cost. Cost is the sacrifice made or else the resources given up measured in money terms to acquire some desired thing such as a new truck (asset).

Related Discussions:- Illustrate exchange-price concept

An estimated liability, An estimated liability: 1. Is an unknown liabil...

An estimated liability: 1. Is an unknown liability of a certain amount. 2. Is a known obligation of an uncertain amount that can be reasonably estimated. 3. Is a liabil

Principles of accounting, how bookkeeping differ from accounting

how bookkeeping differ from accounting

Neutrality of accounting information, Q. Neutrality of accounting informati...

Q. Neutrality of accounting information? The Neutrality signifies that the accounting information must be free of measurement method bias. The primary concern must be relevance

A vendor reduces an item listed at $140 on july 1st by 20%, A vendor reduce...

A vendor reduces an item listed at $140 on July 1st by 20%, and then reduces it another 25% on September 1st. What is the sale price of the good after the last reduction? A. $7

Account, #quthe books of deven verma could not be tallied.the accountant tr...

#quthe books of deven verma could not be tallied.the accountant transferred the difference of Rs.1270 in the suspense account on the debit side the following mistakes were found la

Systems understanding aid, I need help with transaction 4

I need help with transaction 4

The long distance company that you use charges $5.00, the long distance com...

the long distance company that you use charges $5.00 per month and $0.10 per minute per call. If your current bill is $25.00, how many minutes did you use?

How would you summarize apple''s cash flow position, How would you summariz...

How would you summarize Apple's cash flow position and what does this statement tell you about where the money is coming from and where it's going? What should Apple do to improv

The operating expenses section, The operating expenses section Operati...

The operating expenses section Operating Expenses - directly associated to the sale of merchandise General expenses (administrative expenses) related to business's offic

Corporate accounting and accounting for sole proprietorship, Q. Corporate a...

Q. Corporate accounting and accounting for sole proprietorship? Several textbook authors use a sole proprietorship and a partnership form of business ownership to exemplify acc

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages