Identify and State the Historical Significance of the Following

question 125

Short Answer

Identify and state the historical significance of the following:
-James Madison

---

Definitions:

Cost Concept

An accounting principle that dictates all goods and services purchased are recorded at their original purchase cost.

Accounting Records

Documentation and books used to prepare financial statements and track financial transactions.

Manufacturing Companies

Manufacturing companies are businesses that produce physical goods from raw materials using various processes, machinery, and operations.

Merchandising Companies

Businesses that purchase goods in finished form for the purpose of reselling them to customers without further processing.