A Level Accounting: The Historical Cost Convention

By |2023-01-24T16:10:07+02:00January 24th, 2023|

  • The Historical Cost Convention is a principle in accounting that states that assets and liabilities should […]
    • Accounting rules state that transactions should only be recorded in the books at historical cost
    • We call this rule the historical cost convention
    • A convention is another name for a rule
    • The Historical Cost Convention is a principle in accounting that states that assets and liabilities should […]