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The basis upon which assets of an organization is valued is the

Accounts - Principles of Accounts
JAMB 2012

The basis upon which assets of an organization is valued is the

  • A. historical concept
  • B. business entity concept
  • C. periodicity concept
  • D. materiality concept
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Correct Answer: Option A
Explanation

The historical cost concept (also known as cost principle of accounting) states that the assets and liabilities of a business should be presented in accounting records at their historical cost.

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