This storyboard does not have a description.
Factories Inc. are having their assets valued, including a forklift they paid $4500 for
When they bought the forklift, it was bought for a discounted price, and the value has since gone up
Accountant, Jim, thinks the forklift is definitely worth more, and lists it at $6000
Owner, Bob, is outraged as he knows this is a violation of the cost principle concept, in which any and all assets must be listed at the price they were bought for
They discuss, and agree to honour the cost principle by listing it for the price at which they acquired it for, $4500. They also think of getting it revalued so they can list it for higher.
Explore Our Articles and Examples
Try Our Other Websites!
Photos for Class
– Search for School-Safe, Creative Commons Photos (It Even Cites for You!
– Easily Make and Share Great-Looking Rubrics
– Create Custom Nursery Art