Business, Legal & Accounting Glossary
Method of valuing assets and liabilities based on their original cost without adjustment for changing prices.
Our historical cost loss of £53 million was recorded after stock holding losses of £34 million.
Fixed assets shall be accounted for based on the historical cost obtained.
The accounts have been prepared under the historical cost convention.
When conforming with historical cost principles, Inventory must be measured at the acquisition cost.
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This glossary post was last updated: 6th January, 2020 | 1 Views.