Question

According to Cost concept

(a)Assets are recorded at lower of Cost & Market value

(b)Assets are recorded by estimating the market value at the time of purchase

(c)Assets are recorded at the value paid for acquiring it

(d)Assets are not recorded
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Answer 1

Answer:

(c) assets are recorded at the value paid for acquiring it.

Explanation:

the original cost of the asset and the price of an asset on the balance sheet is based on its nominal or original cost when acquired by the company.