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  • Cost Principle
  • 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.
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