Historic cost refers to:
A) the cost of selling an item.
B) the cost to replace an item
C) the purchase consideration of an item, plus incidental costs.
D) economic value.

Question

Quizplus · Accepted Answer

Historic cost refers to the purchase consideration of an item, plus any incidental costs incurred in order to acquire the item. It is the original cost of acquisition and does not take into account inflation or current market value.

Historic Cost Refers To