Lesson60 seconds
What is Historical Cost Principle?
Recording assets at what you originally paid, not today's dream price.
Step 1 of 9
Simple Definition
Historical cost records assets and liabilities at the original transaction amount paid or incurred, subject to later , impairment, or specific revaluation rules.
Explanation level
Tap a persona to hear the same idea in a totally different voice.
Try “Like I'm 5™” for a picture-book version - not the grown-up wording above.
Notebook
Your notes
Notes save automatically on this device
Knowledge graph
Done Here Next