Question

under which accounting concept assets is recorded at cost ,even if the market price is more or less

Answer 1

The accounting concept assets is recorded at cost even if the market price is more or less
Historical cost concept

Answer 2

COST CONCEPT

A concept of accounting , closely related to the going concern concept , is that an asset is recorded in the books at the price paid to acquire it and that this cost is the basis for all subsequent accounting for the asset.

This concept does not mean that the asset will always be shown at cost but it means that cost becomes basis for all future accounting for the asset .

Asset is recorded at cost at the time of its purchase but is systematically reduced in its value by charging depreciation . The market value of an asset may change with the passage of time, but for accounting purposes it continues to be shown in the books at it's book values i.e., the cost at which it was purchased minus depreciation provided upto date.