Under the cost principle,assets are always carried at their original cost or historical cost.

Name: Under the cost principle,assets are always carried at their original cost or historical cost.
Brand: Quizplus
Rating: 4.9 (34 reviews)

Question

Quizplus · Accepted Answer

The cost principle states that assets are to be recorded at their original cost or historical cost, whichever is lower. Therefore, assets are carried on the balance sheet at their original cost, and not their fair market value or replacement cost.

Under the Cost Principle,assets Are Always Carried at Their Original