Part 7

Part 7

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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.
  • Awesome!
  • 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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