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Describe how the cost principle applies to plant assets and explain the concept of depreciation.

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Accounting

Describe how the cost principle applies to plant assets andexplain the concept of depreciation.

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How cost principle applies plant assets A plant asset is a long term fixed asset that is used to produce or sell products and services for the company These assets are tangible and expected to produce benefits for more than one year Examples of plant asset are Land building equipment machinary The cost principle requires that plant assets be recorded at cost The    See Answer
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Describe how the cost principle applies to plant assets andexplain the concept of depreciation.

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