According to the historical cost principle, it is acceptable for managers to use their own estimate of an asset's value when recording the purchase.

Name: According to the historical cost principle, it is acceptable for managers to use their own estimate of an asset's value when recording the purchase.
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According to the historical cost principle, assets should be recorded at their actual purchase price or cost, not an estimate made by managers.

According to the Historical Cost Principle, It Is Acceptable for Managers