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Mila [183]
3 years ago
10

Describe one practical application of cost principles

Business
1 answer:
vovangra [49]3 years ago
3 0
Cost principle is an accounting concept wherein the initial recording of the asset, liability, or equity is based on its acquisition cost.

It is beneficial in recording assets and liabilities that are short-term only. Inventories or expenses are recorded at cost. 

Long term assets and liabilities are not suitable for the cost principle concept because of the factor of time. There are assets and liabilities that fluctuate in value as time goes by and these changes in values must always be recorded or noted down every end of the accounting period.




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The action which can be taken during the management review and problem solving meeting is that, "combining teams in order to increase the velocity."

During the management review and problem-solving meeting combining teams to increase velocity provides the team direction and ensure the path is as obstacle free as possible. Also, to negotiate scope changes and resolve other problems by agreeing to various planning adjustments.

The key objective for problem solving meetings is to find the most optimal solution which can resolve an issue facing the group or organization. Management review is a systematic assessment to 'measure the effectiveness of the organizations' management system.

Hence, the action which can be taken during the management review and problem solving meeting is to combine teams in order to increase the velocity.

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Mind Phillosification

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it studies your brain which you can see by their thoughts how to see their weaknesses and strong points ;)

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The correct answer is The covenant of warranty.

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Equilibrium is a scenario wherein economic forces consisting of delivery and demand are balanced and in the absence of outside impacts the values of economic variables will no longer alternate.

Philosophical analysis is any of various techniques, typically used by philosophers in the analytic culture, to be able to "damage down" philosophical problems. Arguably the maximum prominent of those techniques is the evaluation of concepts.

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