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 Cost concept basically recognizes
  • a)
    Fair Market Value 
  • b)
    Historical Cost
  • c)
    Realisable Value 
  • d)
    Replacement Cost 
Correct answer is option 'B'. Can you explain this answer?
Verified Answer
Cost concept basically recognizesa)Fair Market Valueb)Historical Costc...
The cost concept basically recognises historical cost or the acquisition cost of the asset. The value of an asset is to be determined on the basis of historical cost.
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Cost concept basically recognizesa)Fair Market Valueb)Historical Costc)Realisable Valued)Replacement CostCorrect answer is option 'B'. Can you explain this answer?
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