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

I need help in a project on ''accounting process'', I need help in a projec...

I need help in a project on 'accounting process' . It should begin with a storyline in which a buisness have to be chosen(i have chosen a tyres dealer). Then transactions taking

Systems understanding aid, I need help with transaction 4

I need help with transaction 4

State about the cash payments journal, State about the Cash payments journa...

State about the Cash payments journal A special journal used to record any payment of cash. There would be a check number given to be recorded in journal as well. Source docume

Journal, Why to and by using in journal, trading a/c, p&l a/c and ledger?

Why to and by using in journal, trading a/c, p&l a/c and ledger?

Determine statement that indicate manufacturing diversity, Examine each of ...

Examine each of the items listed below to determine which items include statements that 3) would indicate that manufacturing diversity exists. Required: Label the items that inc

Internal audit, Accounting is a significant service activity in business an...

Accounting is a significant service activity in business and is concerned along with collecting, evaluating, communicating and recording the results of past events. The history of

Discount period for purchase, Verify the amount to be paid within the disco...

Verify the amount to be paid within the discount period for purchase with an invoice price of $7,745, subject to credit terms of 2/10, n/30.

Prepare a multi-level income statement and single step, how do i prepare a ...

how do i prepare a multilevel and single step income statement

Merchandise lists for $5, stion 8 of 20 5.0 Points Merchandise lists f...

stion 8 of 20 5.0 Points Merchandise lists for $5,000 with a trade discount of 10% and terms of 5/30, 3/60, n/90. If the purchaser is invoiced on April 12th and payment is m

Explain the term- reversing entries and interim statements, Explain the ter...

Explain the term- Reversing entries and Interim statements Reversing entries - Made the first day of new accounting period. They are exact opposite of the adjusting entries

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages