According to the ________,acquired assets should be recorded at the amount actually paid rather than at the estimated market value.
A) going concern assumption
B) economic entity concept
C) cost principle
D) monetary unit assumption

Question

Quizplus · Accepted Answer

The cost principle states that acquired assets should be recorded at the amount actually paid rather than at the estimated market value. This means that the cost principle requires companies to record assets at their historical cost, rather than their current market value.

According to the ________,Acquired Assets Should Be Recorded at the Amount