Historical costs include all of the following except:
A) acquisition costs for assets
B) net realizable values for assets.
C) adjusted acquisition costs for assets.
D) initial present value for assets and liabilities

Question

Quizplus · Accepted Answer

Net realizable values for assets are not historical costs as they represent the estimated selling price of an asset less any selling costs, and are therefore forward-looking estimates. Historical costs are the actual costs incurred to acquire and prepare assets for their intended use, as well as any subsequent costs incurred to improve or maintain them, and do not take into account any changes in the asset's value over time. Choices A, C, and D all represent different aspects of historical costs.

Historical Costs Include All of the Following Except