According to the cost concept, what is to be included in the purchase price of the asset?

Asked by Topperlearning User | 9th Jun, 2016, 12:29: PM

Expert Answer:

According to the cost concept, all the assets are recorded in the books of account at the purchase price. The purchase price includes the cost of acquisition, transportation expenses, installation charges and other expenses incurred to make the asset ready to use.

Answered by  | 9th Jun, 2016, 02:29: PM