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WAEC Financial Accounting 2011 Question 48

Question 48

Accounting Concepts and Conventions

The concept which states that assets are not to be recorded at their current market value is

  1. A.money measurement
  2. B.materiality
  3. C.cost
  4. D.entity
Show the answer and explanation

Answer: C (cost)

Explanation

The cost (historical cost) concept records assets at what they cost.