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What is the historical cost principle?
Historical cost principle is a measure of value used in accounting in which the price of an asset on the balance sheet is based on its nominal or original cost when acquired by the company.
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Asked 5/14/2013 9:08:55 AM
Updated 1/14/2018 10:53:58 AM
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Edited by yumdrea [1/14/2018 10:53:58 AM]
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Historical cost principle is a measure of value used in accounting in which the price of an asset on the balance sheet is based on its nominal or original cost when acquired by the company.


Added 1/13/2018 12:41:36 PM
This answer has been confirmed as correct and helpful.
Confirmed by yumdrea [1/14/2018 10:53:59 AM]
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What is monetary unit principle?
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Updated 6/6/2015 11:21:18 AM
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The monetary unit principle is generally accepted accounting principle under which a company reports their financial position to shareholders and the Securities and Exchange Commission.



Added 6/6/2015 11:21:18 AM
This answer has been confirmed as correct and helpful.
what is Entity Assumption in accounting?
Weegy: ACCOUNTING ENTITY ASSUMPTION states that a business is a separate legal entity from the owner. [ In the accounts the business' monetary transactions are recorded only. ] (More)
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