Answer
Historical cost principle
Work Step by Step
The historical cost principle recognizes assets by their original/ nominal price, which the organization paid during purchase.
Intermediate Accounting 14th Edition
by Kieso, Donald E.; Weygandt, Jerry J.; Warfield, Terry D.
Published by
Wiley
ISBN 10:
0470587237
ISBN 13:
978-0-47058-723-2
Chapter 2 - Conceptual Framework for Financial Reporting - Exercises - Page 73: E2-7a
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