Accounting for IGCSE & O level - Final Statements (Section 14 - No. 9)
What accounting concept is most closely related to the valuation of assets at 'historic cost'?
Going Concern
Prudence
Objectivity
Materiality
ব্যাখ্যা
Objectivity is a core concept, the use of the actual cost which is verifiable. The price paid is objective and verifiable.