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Question
According to______ concept, assets are recorded at a price paid to acquire them.
According to______ concept, assets are recorded at a price paid to acquire them.
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Solution
The correct option is B Cost
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.
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.
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