Question

According to cost concept an asset is recorded at the crunnt Market price

Answer 1

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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:

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Assets that have a quoted, market-ready value should be recorded at their current market value. Financial investments should be recorded at fair value at the end of each accounting period

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