Question

Fixed assets are recorded at cost. This cost is best expressed as

Answer 1

Answer :

Fixed asset is recorded at historical cost (original cost) mainly because of the generally accepted accounting principles (GAAP) also because it provides a standard measure at which all assets can be valued and recorded.

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Answer 2

This cost is best expressed as historical cost or original cost

Explanation:

According to the historical cost principle of the Generally Accepted Accounting Principles (GAAP), the assets and liabilities are to be reported in the financial statements on the purchase or acquisition amount, or original cost.

It means that the cost at which the fixed assets are purchased or acquired. The same amount would be presented on the asset side of the balance sheet.  

The changes in the values of the fixed assets do not considered. Therefore it is irrelevant at the time of recording

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