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

Consistency in accounting principle, Q. Consistency in accounting principle...

Q. Consistency in accounting principle? Consistency necessitates that a company use the same accounting principles and reporting practices through time. Consistency makes possi

How many kilograms of lobster must catch per day, A lobster catcher spends ...

A lobster catcher spends $12 500 per month to maintain a lobster boat.  He plans to catch an average of 20 days per month during lobster season.  For each day, he must allow approx

Cash collection as point of revenue recognition, Q. Cash collection as poin...

Q. Cash collection as point of revenue recognition? Several small companies record revenues and expenses at the time of cash collection and payment which may not take place at

On aug 14th, On Aug 14th, One of our Partner's ( Compuville ) cash book sho...

On Aug 14th, One of our Partner's ( Compuville ) cash book showed a debit balance of $4,000.00. His bank statement showed a balance of $4,270.00. On comparison the following we

Learning objectives of current ratio, Q. Learning objectives of current rat...

Q. Learning objectives of current ratio? - Analyze the transactions by examining source documents. - Journalize the transactions in the journal. - Post the journal entrie

Evaluating revenue measure or system, Question : The several evaluative...

Question : The several evaluative criteria for evaluating revenue measure or system are: ? Yield ? Political expediency ? Ease of administration ? Consistency

Explain about revenue recognition principle, Q. Explain about revenue recog...

Q. Explain about revenue recognition principle? Under the revenue recognition principle revenues must be earned and realized before they are recognized (recorded). Earning of r

ACC 250, Matilda Crone owns and operates a public relations firm called Dan...

Matilda Crone owns and operates a public relations firm called Dance Fever. The following amounts summarize her business on August 31, 2014:

AL MASA a sole trader, AL MASA a sole trader,decided to install a new machi...

AL MASA a sole trader,decided to install a new machine to use

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd