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

Estimate interest rate and analysis market interest, Woodie Limited issues ...

Woodie Limited issues $5 million in convertible bonds on 1 July 2012. They are issued at the fair value and pay an interest rate of 4 percent. The interest is paid at the end of ea

On january 1, On January 1, 2012, Bartell Company sold its idle plant facil...

On January 1, 2012, Bartell Company sold its idle plant facility to Cooper Inc. for $1,050000. On this date, the plant had a depreciated cost of $735,000. Cooper paid $150,000 ca

Functions of balance sheet, The basic functions of a balance sheet are: ...

The basic functions of a balance sheet are: 1. It provides the financial place of a company on any given date 2. It provides the liquidity picture of the concern. 3. It p

What is comprehensive income and revenues, Q. What is Comprehensive income ...

Q. What is Comprehensive income and Revenues? Comprehensive income is the alter in equity of a business enterprise during a period from transactions and other events and circ

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

Numbers and measurements are the language of business., Numbers and measure...

Numbers and measurements are the language of business. Organizations look at results, expenses, quality levels, efficiencies, time, costs, etc. What measures does your department

Consistency principle, A company has been depreciating its IT equipment ove...

A company has been depreciating its IT equipment over 5 (five )years, but now finds that it is becoming obsolete in 3 years.   What does the consistency principle allow the comp

The hardware from another defective device , Assume we are a trading compan...

Assume we are a trading company giving devices and sometimes after sales service. when any fault came we just replace the hardware from another defective device and getting the pay

Explain in detail about the merchandise inventory, Explain in detail about ...

Explain in detail about the MERCHANDISE INVENTORY Cost of merchandise purchased during an accounting period is debited to Purchases account. To determine VALUE of the goods on

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