The basis upon which assets of an organization is valued is the

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Accounts - Principles of Accounts JAMB 2012

The basis upon which assets of an organization is valued is the

  • historical concept checkmark
  • business entity concept
  • periodicity concept
  • materiality concept

The correct answer is: A

Explanation

The historical cost concept (also known as cost principle of accounting) states that the assets and liabilities of a business should be presented in accounting records at their historical cost.

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