4. Historical cost is the basis advocated for recording the acquisition of property, plant, and equipment for all of the following reasons except A) gains and losses should not be anticipated but should be recognized when the asset is sold. B) historical cost involves actual transactions and, as such, is the most reliable basis. C) at the date of acquisition, cost reflects fair value. D) property, plant, and equipment items are always acquired at their original historical cost.
4. Historical cost is the basis advocated for recording the acquisition of property, plant, and equipment for all of the following reasons except
A) gains and losses should not be anticipated but should be recognized when the asset is sold. B) historical cost involves actual transactions and, as such, is the most reliable basis. C) at the date of acquisition, cost reflects fair value. D) property, plant, and equipment items are always acquired at their original historical cost.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
