Question

12. According to
..assets
are recorded in the books of account at the
prices paid to acquire them and it is the
basis for all subsequent accounting of the
assets.
(1 Point)
Verifiable objective concept
Revenue recognition concept
Conservatism concept
Historical cost concept​

Answer 1

Answer:

HISTORICAL COST CONCEPT

Explanation:

The cost concept requires that all assets are recorded in the book of accounts at their purchase price, which includes cost of acquisition, transportation, installation and making the asset ready to use.

Answer 2

Answer:

Option D is the answer....