The accounting concept which is the basis upon which assets of a business are valued...
FINANCIAL
WAEC 2023
The accounting concept which is the basis upon which assets of a business are valued is the
- A. dual aspect concept
- B. consistency concept
- C. accrual concept
- D. historical concept
Correct Answer: D. historical concept
Explanation
Historical concept is also known as Cost concept. This cost implies that the accountant determines the value of an asset by reference to the cost of its acquisition and not by the value of returns which are expected to be earned.
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