Answer:
Learning task 1:
The cost principle is an accounting principle that requires assets, liabilities, and equity investments to be recorded on financial records at their original cost. ... The cost principle is also known as the historical cost principle and the historical cost concept.
Learning task 2:
Total product costs can be determined by adding together the total direct materials and labor costs as well as the total manufacturing overhead costs. To determine the product cost per unit of product, divide this sum by the number of units manufactured in the period covered by those costs.
