Tangible assets are first recorded at:
A)all costs to acquire them and prepare them for use.
B)current market value or resale value.
C)the amount of cash paid for them.
D)cost minus residual (or salvage)value.

Question

Quizplus · Accepted Answer

The general rule for tangible assets under the cost principle is that all reasonable and necessary costs to acquire and prepare an asset for use should be recorded as a cost of the asset.

Tangible Assets Are First Recorded At