costing principle

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the costing principle is oftenly seen as one of the most basic underlying guidelines in accounting. It can also be called the historical cost principle. The cost principle requires that any asset to be recorded at the exact cash amount at that given time that an asset is acquired. The cost principle can also mean that valuable brand logos and names that have been developed through effective advertising will not be recorded or reported as an asset on the balance sheet. This may result in a businesses asset amount, but then again a brand name that is acquired through a transaction with a different company will soon be reported on the balance sheet at its given cost.

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