Under the cost principle, assets are always carried at their current market value.

Name: Under the cost principle, assets are always carried at their current market value.
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Question

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Under the cost principle, assets are carried on the balance sheet at their historical cost, not their current market value. This means that assets are recorded at the amount paid to acquire them, including any additional costs incurred to get them ready for use.

Under the Cost Principle, Assets Are Always Carried at Their