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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FORCED LIQUIDATION VALUE is the value at which the asset or assets are sold as quickly as possible, such as at auction.

CORE PROCESS is a process with a set of related and interdependent activities that transform an input to a system to an output with added value to a customer. It is the transformation of people, money, materials or information that is the value-added work of the organization. The CORE PROCESSES are those processes by which the organization creates its most value-added and essential transformations for the customers.

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