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Lovely. Next and final principal of the 4 GAAP principles is Cost.
Cost is when Accountants are help responsible for recording assets at historical cost and is used because it is relevant and reliable.
So for an example, I purchase something for $5000, but the price of the product increased to $6000. I will record at the time I bought it correct?
You got it my friend! Now that sums up the explanations for the 4 GAAP Principles. Next I will be discussing 1 Assumption.
The only assumption that will be discussed is Monetary Unit. Monetary Unit is when only transactions can be used as money should be included in the accounting records.
Now that our assumption is explained, the only constraint that will be discussed Cost-Benefit.
Alright Mr. Smith, you're doing an amazing job.
Thank you gentlemen! Now Cost-Benefit is really straight forward.It's when the value of the information should be more than the cost of providing it.
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