Which of the following is an example of a dominant paradigm in accounting prior to 1960?
A) Current cost accounting
B) Conceptual framework of accounting
C) Historical cost accounting
D) Continuously contemporary accounting

Question

Quizplus · Accepted Answer

Historical cost accounting was the dominant paradigm in accounting prior to 1960, where assets were recorded at their original cost and then adjusted for depreciation or amortization over time. This was the accepted way to measure the value of an asset, and all accounting practices were based on this concept.

Which of the Following Is an Example of a Dominant