Which of the following accounting principles would require that all goods and services purchased be recorded at cost?
A) Going concern principle
B) Currency principle
C) Historical cost principle
D) Business entity principle
E) Revenue recognition principle

Question

Quizplus · Accepted Answer

The Historical cost principle requires that all goods and services purchased be recorded at their original cost, which is the price paid at the time of acquisition. This principle values assets and liabilities based on their historical cost, rather than their current market value.

Which of the Following Accounting Principles Would Require That All