Question Accounting The historical cost principle requiresthat assets be reported at their:a) Market valueb) Replacement costc) Fair valued) Original cost

a. Market Value - this is the current value of an asset if it is bought or sold. This is often used…

Answered: The historical cost principle requires…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 6Q: What amounts should be recorded as a cost of a long-term asset?

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The historical cost principle requires that assets be reported at their: a) Market value b) Replacement cost c) Fair value d) Original cost
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The historical cost principle requires that assets be reported at their: a) Market value b) Replacement cost c) Fair value d) Original cost