Historical Cost

Filed Under: Business

1 definition found for this term.
Definitions are presented in the order source books were published (most recent first).


The dollar value of a transaction on the date it happens, normally maintained in the accounting records from then on because of accounting’s reliance on transactions as the basis for recording events. The cost, or historical cost, of an asset is the dollar amount paid for it or promised to be paid as of the date the asset was acquired.

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