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(1) Reasonableness. (2) Allocability. (3) Standards promulgated by the CAS Board, if applicable, otherwise, generally accepted accounting principles and practices appropriate to the circumstances. The term "three cost principles" can refer to a few different concepts in accounting, depending on whether you are talking about general financial reporting rules or specific regulations for government contracts. However, the most common interpretation in general Accounting Services Jersey City, particularly in relation to fixed assets and their recording, refers to the following three foundational concepts:
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