Difference between revisions of "Historical cost"
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| − | [[Historical cost]] ( | + | [[Historical cost]] (hereinafter, the ''Cost'') is the actual cost of an asset at time of purchase. |
==Definitions== | ==Definitions== | ||
According to [[College Accounting: A Practical Approach by Slater (13th edition)]], | According to [[College Accounting: A Practical Approach by Slater (13th edition)]], | ||
| − | :[[Historical cost]]. | + | :[[Historical cost]]. The actual cost of an asset at time of purchase. |
==Related concepts== | ==Related concepts== | ||
Revision as of 11:25, 17 December 2018
Historical cost (hereinafter, the Cost) is the actual cost of an asset at time of purchase.
Definitions
According to College Accounting: A Practical Approach by Slater (13th edition),
- Historical cost. The actual cost of an asset at time of purchase.
Related concepts
- Bookkeeping. Recording, filing, and retrieving of financial data, as well as producing those financial reports that are required by laws.
