Definition of Cost principle:
The accounting principle that goods and services purchased should be recorded at their historical cost and not at their current market value.
How to use Cost principle in a sentence?
- 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.
- The cost principle has been useful if for no other reason than consistency to ensure maximum meaningfulness and usefulness of our data.
- The cost principle was something important to pay attention to, but I would not put too much thought into it.
Meaning of Cost principle & Cost principle Definition