Since Cost Is a Reliable Measure,the Cost Principle Holds That

question 230

True/False

Since cost is a reliable measure,the cost principle holds that the accounting records should continue reporting an asset at its historical cost over its useful life.

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Definitions:

Logical Conclusions

Deductions or inferences that logically follow from the premises or evidence available.

Human-Centred

An approach or design philosophy that places human needs, capabilities, and behavior first in the development of products, services, or environments.

Earth-Centred

A perspective that recognizes the Earth and its ecosystems as central and critical to human existence, encouraging a respect and care for the natural environment.

Instrumental Values

Values based on the usefulness or practical utility of an object, idea, or action, often viewed in terms of means to an end.