Question: Take Test: Unit 2 CA: Financial Statements, Tax, and Value &... The cost principle states that an asset should be recognized on the balance sheet

Take Test: Unit 2 CA: Financial Statements, Tax, and Value &...

The cost principle states that an asset should be recognized on the balance sheet ____. (CSLO 2)

at the market value of the asset.

at the market value less the accumulated depreciation on the asset.

at its historical cost.

at its historical cost plus the accumulated depreciation on the asset.

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