The basis upon which assets of an organization is valued is the
FINANCIAL
JAMB 2017
The basis upon which assets of an organization is valued is the
- A. historical concept
- B. business entity concept
- C. periodicity concept
- D. materiality concept
Correct Answer: A. historical concept
Explanation
The historical cost concept (also known as cost principle of accounting) states that the assets and liabilities of a business should be presented in accounting records at their historical cost.
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