Question

Which of the following statements correctly describes the Cost Concept?

a. Assets are shown in the books at the price at which it was purchased plus cost of improvement minus depreciation till date

b. Assets are shown in the books at the price it was purchased

c. Assets are shown in the books at the price it was purchased plus cost of improvement

d. Assets are shown in the books at the price it was purchased or market price whichever is lower​

Answer 1

Answer:

a. Assets are shown in the books at the price at which it was purchased plus cost of improvement minus depreciation till date