Another Term for Historical Cost Is

question 117

Multiple Choice

Another term for historical cost is:

• A)entry price.
• B)exit price.
• C)fee price.
• D)record price.

---

Definitions:

Purpose

The reason for which something is done or created, or for which something exists.

Voucher System

An accounting system that involves preparing and approving vouchers before transactions are recorded and payments made, to ensure financial controls.

Control Procedures

Measures and policies implemented by a company to ensure the integrity of financial and accounting information and compliance with laws and regulations.

Cash Equivalents

Temporary investments which can quickly be converted into specific cash sums and have a negligible risk of value fluctuation.