Cameroon GCE O-Level Accounting Practice Questions - Cameroon General Certificate Of Education Ordinary Level - Accounting Principles Of Accounts (0505) Exam

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A merchant in Bamenda purchased a commercial delivery van for 6,000,000 FCFA five years ago. Although its current second-hand market value is 2,800,000 FCFA, its original cost remains recorded in the non-current asset ledger. Which accounting principle governs this initial recording?

Historical Cost Concept Consistency Concept Accruals Concept Prudence Concept

Correct Answer:

Historical Cost Concept

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