1- What do we mean when we talk about historical cost?

- Cost of acquisition of fixed assets

- Sales price - acquisition cost

- Decreases in the fixed assets account

- Increase in current asset accounts

2- When the company makes sales on credit, which accounts are being affected?

- Increase in the Cash account and increase in the sales account

- Increase in the Accounts Receivable account and increase in the sales account

- Increase in the capital account and decrease in the current liabilities account

- Decrease in the current assets account and decrease in the liabilities account