Historical cost concept requires the recording of an asset: a) At its cost value b) At its market - (a) Description: Historical Cost Concept requires the asset to be recorded at its original cost ( inclusive of acquisition cost). - Fundamentals of Accounting Interview Questions and Answers

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Question: Historical cost concept requires the recording of an asset:
a) At its cost value
b) At its market value
c) At its Net Realizable value
d) At its replacement cost

Answer: (a)
Description: Historical Cost Concept requires the asset to be recorded at its original cost ( inclusive of acquisition cost).

Category	Fundamentals of Accounting Interview Questions & Answers - Exam Mode / Learning Mode
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Question: Historical cost concept requires the recording of an asset:
a) At its cost value
b) At its market value
c) At its Net Realizable value
d) At its replacement cost

Answer:

(a)
Description: Historical Cost Concept requires the asset to be recorded at its original cost ( inclusive of acquisition cost). Source: CoolInterview.com

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