Select the correct answer.
What does the concept of historical cost involve in accounting?
O A. valuing business resources at their current market price
OB
O B. valuing business resources at their purchase price
O c.
recording all expenses in the book of accounts
D.
recording all income in the book of accounts
OE.
valuing intangible assets in terms of money

Question

11-05-2022
Mathematics

contestada

Select the correct answer.
What does the concept of historical cost involve in accounting?
O A. valuing business resources at their current market price
OB
O B. valuing business resources at their purchase price
O c.
recording all expenses in the book of accounts
D.
recording all income in the book of accounts
OE.
valuing intangible assets in terms of money

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okpalawalter8 okpalawalter8 · Answer 1 · 2022-05-13T12:38:46+02:00

The concept of historical cost in accounting involves valuing business resources at their purchase price. This is further explained below.

What is the historical cost?

Generally, historical cost is a value of measure used in accounting that records the value of an asset on the balance sheet at its original cost when purchased by the firm.

In conclusion, valuing business resources at their purchase price is what historical cost is about.