The cost principle requires that when assets are acquired, they be recorded at
A) appraisal value.
B) the amount paid.
C) the amount the asset could be sold for.
D) list price.

Question

Quizplus · Accepted Answer

The cost principle in accounting states that assets should be recorded at their cost at the time of acquisition, which is the amount paid for them. This includes the purchase price and any other costs necessary to get the asset ready for use.

The Cost Principle Requires That When Assets Are Acquired, They