Assets. These represent everything of value that is owned by the business. Value is not necessarily meant to imply the cost of replacement or what its market value would be but is the actual cost or amount expended for the asset.

Question

Quizplus · Accepted Answer

Assets are recorded at their historical cost, which is the actual amount paid for them, rather than their current market value or replacement cost.

Assets These Represent Everything of Value That Is Owned by the Business