Question

financial statements include assets listed ata.all of these choices are correct.b.their fair valuec.their historical costd.their market value

Answer 1

Financial statements include assets listed at historical costs. Hence, the assets are recorded at their historical cost.

What do you mean by historical costs?

The price paid when an asset was purchased is known as the historical cost. On a company's balance sheet, the majority of long-term assets are recorded at their historical cost.

One of the fundamental accounting principles outlined by generally accepted accounting principles is historical cost (GAAP). The use of historical cost is consistent with conservative accounting because it avoids overstating an asset's value.

Hence, Financial statements include assets listed at historical costs. Hence, the assets are recorded at their historical cost.

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