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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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Distinguish between planned economy and mixed economy?​
Anettt [7]

Answer:

CHECK THE EXPLANATION.

Explanation:

A planned economy is a type of economic system where investment, production and the allocation of capital goods takes place according to economy-wide economic plans and production plans. A planned economy may use centralized, decentralized, participatory or Soviet-type forms of economic planning whereas a mixed economy is an economy organized with some free market elements and some socialistic elements, which lies on a continuum somewhere between pure capitalism and pure socialism. ... Mixed economies socialize select industries that are deemed essential or that produce public goods.

4 0
3 years ago
People often use products or services that are _________, to indicate who or where they are in the social hierarchy
Setler79 [48]

Answer:

Status Symbols

Explanation:

According to Oxford dictionary; a status symbol is "a possession that is taken to indicate a person's wealth or high social or professional status."

Hence status Symbols are external displays of the possessors' wealth and social status. These goods can not be possessed by people who do not belong to that social status or profession.

5 0
3 years ago
On December 31, the balance in the office supplies account is $1,300. A physical count shows $510 worth of supplies on hand. Req
madam [21]

Answer:

Date                    Account title                                               Debit          Credit

December 1        Office Supplies Expense                           $790

                            Office Supplies                                                             $790

Explanation:

Office supplies is an asset but when it is used it should be debited to the office supplies expense account because it becomes an expense that should be catered for in the Income statement.

The office expense that is used for the year is:

= Book balance - Physical inventory

= 1,300 - 510

= $790

3 0
3 years ago
Sorry i accidently did this. do not know how to work
san4es73 [151]

Answer:

sorry for u

Explanation:

will they barn u

6 0
3 years ago
Read 2 more answers
Gary is the founder of an animal shelter; he shares a special bond with animals. Hence, he prefers to employ people who care for
Harrizon [31]

Answer:

normative control

Explanation:

Normative control refers to using the values that the employees share as standards instead of using policies to influence the desired behaviors. According to this, the answer is that this is an example of normative control because Gary employs people that share certain values and behaviors and these become the standard to perform their jobs.

4 0
4 years ago
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