_____ are the amounts at which items entered the firm's balance sheet and reflect economic conditions at the time the firm obtained assets or obtained financing.
A)Past amounts
B)Present amounts
C)Valuation amounts
D)Historical amounts
E)Current amounts

Question

Quizplus · Accepted Answer

Historical amounts are the original amounts at which items were recognized in the balance sheet, and they reflect the economic conditions at the time the firm obtained the assets or financing. This provides a baseline for calculating changes in value over time and helps to track the firm's financial performance.

_____ Are the Amounts at Which Items Entered the Firm's