ACC 304 Experience Tradition / tutorialrank.com ACC 304 Experience Tradition / tutorialrank.com | Page 109
S30. Historical cost is the basis advocated for recording the acquisition of property, plant, and equipment for all of the following reasons except
a. at the date of acquisition, cost reflects fair market value.
b. property, plant, and equipment items are always acquired at their original historical cost.
c. historical cost involves actual transactions and, as such, is the most reliable basis.
S30. Historical cost is the basis advocated for recording the acquisition of property, plant, and equipment for all of the following reasons except
a. at the date of acquisition, cost reflects fair market value.
b. property, plant, and equipment items are always acquired at their original historical cost.
c. historical cost involves actual transactions and, as such, is the most reliable basis.