Match the terms with the definitions.
-A principle that requires assets to be recorded at their actual cost.
A)Adjusted Trial Balance columns
B)Adjusting entries
C)Balance Sheet columns
D)book value
E)contra-asset
F)depreciable cost
G)depreciation
H)fiscal year
I)historical cost principle
J)Income Statement columns
K)market value
L)matching principle
M)plant assets
N)salvage value
O)straight-line method
P)undepreciated cost
Q)useful life
R)work sheet

Question

Quizplus · Accepted Answer

The historical cost principle requires assets to be recorded at their actual cost, reflecting the amount of money spent to acquire the asset at the time of purchase.

Match the Terms with the Definitions