Historical cost concept requires the valuation of an asset at
A)Original cost
B)Replacement value
C)Net realizable value
D)Market value

Name: Historical cost concept requires the valuation of an asset at A)Original cost B)Replacement value C)Net realizable value D)Market value
Brand: Quizplus
Rating: 4.9 (38 reviews)

Question

Quizplus · Accepted Answer

The historical cost concept in accounting means that assets are recorded at their original purchase cost, without adjusting for changes in market value.

Historical Cost Concept Requires the Valuation of an Asset at