Question

historical cost concept is closely related to .........concept

Answer 1

Answer:

Historical cost concept is closely related to cost concept.

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Answer 2

The historical cost concept is closely related to the purchase price concept.

• The historical cost of an asset in accounting refers to its original monetary value or acquisition price.
• The historical cost principle dictates that a business's transactions be reported at their historical costs.
• The notion is linked to the cost principle, which states that assets, equity investments, and liabilities should all be valued at their acquisition costs.