ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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REPLACEMENT COST Definition
REPLACEMENT COST is the total cost at current prices of an asset that is not necessarily an exact duplicate of the subject asset but serves the same purpose or function as the original.
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TRUE AND FAIR VIEW is one of the most prominent principles of accounting. It suggests that an enterprise should provide a true and fair view about its financial conditions and operating results. The concept of true and fair view does not mean absolute truth about enterprises. Financial statements are a product of managements judgments and estimates. The principle of true and fair view requires comparative truth about the enterprises picture. True and fair view is rather defined operationally; it is thought to be accomplished by complying with all other lower accounting principles.
ACRS is Accelarted Cost Recovery System.