COST PRINCIPLE Definition

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COST PRINCIPLE is the principle where a company is obliged to record its fixed assets at their actual purchase price or production cost.

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ACCOUNTING ESTIMATE is an approximation of a financial statement element. Estimates are included in historical financial statements because some amounts are
uncertain pending outcome of future events and relevant data about events that have occurred cannot be accumulated on a timely, cost-effective basis.

CONTRACT RATE OF INTEREST is the interest rate specified in a contract.

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