Question

Select the correct answer.

Answer 1

The concept of historical cost in accounting involves valuing business resources at their purchase price. This is further explained below.

What is the historical cost?

Generally, historical cost is a value of measure used in accounting that records the value of an asset on the balance sheet at its original cost when purchased by the firm.

In conclusion, valuing business resources at their purchase price is what historical cost is about.

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Answer 2

Answer:

b. valuing business resources at their purchase price

Step-by-step explanation: