The assets are recorded in the books of account in the cost at which it was bought. This is based on which concept?

Matching

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Accounting Period

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Dual Aspect

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Cost concept

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Solution

The correct option is D
Cost concept

According to Cost concept, assets will always be recorded at the cost at which it was bought, irrespective of the current price.

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Non-economic events are not recorded in the books of account. This is according to which concept?

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