The Historical Cost Principle Requires That When Assets Are Acquired

question 170

Multiple Choice

The historical cost principle requires that when assets are acquired, they be recorded at

• A) market value.
• B) the amount paid for them.
• C) selling price.
• D) list price.

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Definitions:

Parkinson's Diseases

A chronic and progressive movement disorder characterized by the degeneration of nerve cells in the part of the brain that controls movement.

Acute Disease

A disease characterized by a sudden onset and a short, but typically severe, course of duration.

Hospitalized

Being admitted to a hospital for treatment, observation, or care for a health condition or after experiencing a medical incident.

Chronic Liver Disease

A long-term condition affecting the liver, leading to its inability to function properly due to different causes, including infections, alcohol, and fat.