cost convention


cost convention
The custom used as a basis for recording the costs to be charged against the profit for an accounting period. The cost convention used may be based on historical cost, current cost, or replacement cost

Accounting dictionary. 2014.

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  • cost convention — The custom used as a basis for recording the costs to be charged against the profit for an accounting period. The cost convention used may be based on historical cost, current cost, or replacement cost …   Big dictionary of business and management

  • historical-cost convention — A convention under which assets are carried in the books of account at their historical cost. See also: modified historical cost convention …   Accounting dictionary

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