Economics · Accounting Principles
What does the 'Historical Cost Principle' signify in accounting?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
Share:
- 1Tangible assets are completely excluded from being recorded in the books of accounts.
- 2Assets are recorded at the actual cash or equivalent price paid at the time of their acquisition.✓
- 3Assets are recorded based on net expected future income values.
- 4Assets are continuously revalued and recorded at current fluctuating market value.
Correct answer
Assets are recorded at the actual cash or equivalent price paid at the time of their acquisition.
Download Single Question PDF
Save this question and verified answer as a clean study sheet with live clickable link.
👥
Share with Friends & Study Groups
Challenge your peer aspirants on WhatsApp or Telegram to solve this question!
Online Test Series
Start Free Mock Test →Preparing for Economics?
Practice full-length mock tests with real exam timers, instant score analysis, and all-India ranking.
Chapter Practice
Practice Accounting Principles MCQs →Want more practice questions on Accounting Principles?
Solve complete topic-wise tests with detailed solutions on GkGet.
Related Practice Questions
Recommended practice questions in Economics · Accounting Principles