cost principle

  

Definition

The accounting principle that goods and services purchased should be recorded at their historical cost and not at their current market value.

Use cost principle in a sentence

  • The cost principle was something important to pay attention to, but I would not put too much thought into it.

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  • You need to know what the cost principle of a product is so that you can fully know how to do things to maximize the profit.

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  • The cost principle has been useful if for no other reason than consistency to ensure maximum meaningfulness and usefulness of our data.

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