Answer :
Assets valued at $50 million will be documented and reported for the assets. Therefore option D is Correct.
- According to the cost principle, assets should be valued at their cost while being recorded.
- The cost concept is one of the universally recognized accounting principles in accounting. Assets should always be documented for the duration of their useful lives at their original cost.
What purposes does the cost principle serve?
- The cost principle is a well-known accounting technique because it is uncomplicated, unambiguous, and conservative. It enables companies to simply track, confirm, and sustain costs over time without having to change the value of assets on a regular basis.
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