Historical cost
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.
