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Introduction to Book Keeping and Accountancy — Book Keeping & Accountancy STD 11 Commerce / Arts — Question

Maharashtra BoardEnglish MediumSTD 11 Commerce / ArtsBook Keeping & AccountancyIntroduction to Book Keeping and Accountancy1 Mark
Question
Explain the term ‘Cost Concept’.
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Answer

The concept according to which assets are recorded in the books of accounts at the price at which they are acquired or purchased is called the cost concept.

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