Once an asset is acquired,it continues to be measured at

Question

Quizplus · Accepted Answer

Once an asset is acquired, it continues to be measured at the amount initially recorded, unless an event occurs that changes the asset value. This is in line with the historical cost principle of accounting, which requires that assets should be recorded at their cost price when acquired. However, if an event occurs that causes the asset to decrease in value, such as impairment, then the asset will be measured at the lower amount.

Once an Asset Is Acquired,it Continues to Be Measured at