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

What is consistency, Q. What is Consistency? Consistency in general req...

Q. What is Consistency? Consistency in general requires that a company use the same accounting principles and reporting practices through time. This concept disallows indiscrim

Total debt, how can i determine the total debt of a commercial bank? Which ...

how can i determine the total debt of a commercial bank? Which financial statement do i need to look?

Cartwright inc has $1, Cartwright inc has $1,000,000 of 10% bonds outstandi...

Cartwright inc has $1,000,000 of 10% bonds outstanding on December 31, 20x8. On January 1, 20x9 adams corp and 80% owned subsidiary of Cartright, inc purchases a $250,000 part of c

Measurement of expense, The measurement of expense Accountants measure larg...

The measurement of expense Accountants measure largely assets used in operating a business by their historical costs. Consequently they measure a depreciation expense resulting fro

.account concept, What is the implication of applying accounting concepts w...

What is the implication of applying accounting concepts wrongly

Ledger, “Ledger is said to be the principal book entry and the transactions...

“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.”

Determine the types of credit card sales, Determine the types of Credit car...

Determine the types of Credit card sales Bank Credit Card Sales - Most retail businesses accept bank credit cards. Treated as a CASH sale. Recording Bank Credit Card Sale

One of the underlying assumptions of the eoq model is that, There is a poin...

There is a point where stockholding costs are equivalent to ordering costs

Trade receivables owe, Read it once and answer, if The following items appe...

Read it once and answer, if The following items appear on a balance sheet.   $   Inventory balance at bank cash in hand trade

Explain statement of retained earnings, Q. Explain Statement of retained ea...

Q. Explain Statement of retained earnings? The statement of retained earnings demonstrates the change in retained earnings between the beginning and end of a period e.g. a mont

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