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Trying to cope with the problems of cost concepts? Unable to understand it thoroughly to proceed with the topic? Cost concept, also known as cost principle and historical cost forms the basic guideline for accounting students. Thus, its understanding plays a crucial factor in forming the career of an accounting student. Due to various problems, students often encounter issues in completing their assignments. Such issues can now be solved through cost concept homework answers.
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What is cost concept?
According to cost concept, all acquisition of items must be recorded and retained in books at all times. For example, if a balance sheet states the value of an asset at a certain value then it has to be assumed that it is the cost unless anything else is stated. It is defined as the cost which is originally paid to acquire an asset, even though the current value of the asset may be different.
Cost concept homework answers can help provide better solutions to understand historical costs as it is required to analyse the cost of project both in short and long term.
Importance of cost concept
There are various benefits of cost concept which can be experienced. This in turn raises its importance. One of the many advantages of cost concept is that it provides with consistent, reliable, verified and comparable records.
If any other valuation methods are used in place of cost concept, then it can pose some serious challenges. For instance, if the current value is used instead of cost concept, different value is likely to be suggested by various accountants.
Moreover, using current market value is not appropriate for companies that prepare statements for more than once a year. Cost concept assignment answers can supply with more such assistance to explain the concept.
Types of cost
In order to understand historical cost, it is necessary to understand the various types of costs present. These are as follows:
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