Asked by
Tasheika Rutherford
on Dec 17, 2024Verified
Historical cost is the same as:
A) residual value.
B) original cost.
C) depreciable value.
D) salvage value.
Historical Cost
The original purchase cost of an asset, as recorded in the financial statements, without adjustment for inflation or market changes.
Original Cost
The purchase price of an asset or investment, including all expenses incurred to get the asset ready for its intended use.
- Comprehend the significance of historical cost in accounting records.
Verified Answer
RM
Learning Objectives
- Comprehend the significance of historical cost in accounting records.