historical-cost convention

historical-cost convention
A convention under which assets are carried in the books of account at their historical cost.

Accounting dictionary. 2014.

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  • modified historical-cost convention — A modification of the historical cost convention in which certain assets are included at revalued amounts rather than their original cost. Modified historical cost accounting is permitted by the Companies Act. See: alternative accounting rules …   Accounting dictionary

  • historical-cost accounting — A system of accounting based on the principle that assets should be valued at historical cost It is relaxed to some extent by such practices as the valuation of stock at the lower of cost and net realizable value and, in the UK, revaluation of… …   Big dictionary of business and management

  • historical-cost accounting — A system of accounting based primarily on the original costs incurred in a transaction. It is relaxed to some extent by such practices as the valuation of stock at the lower of cost and net realizable value and, in the UK, revaluation of fixed… …   Accounting dictionary

  • cost convention — The custom used as a basis for recording the costs to be charged against the profit for an accounting period. The cost convention used may be based on historical cost, current cost, or replacement cost …   Accounting dictionary

  • cost convention — The custom used as a basis for recording the costs to be charged against the profit for an accounting period. The cost convention used may be based on historical cost, current cost, or replacement cost …   Big dictionary of business and management

  • Historical Cost Accounting Convention — An accounting technique that values an asset for balance sheet purposes at the price paid for the asset at the time of its acquisition. Bloomberg Financial Dictionary …   Financial and business terms

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  • Historical powers — include great powers, nations, or empires in history. The term Great power represent the most important world powers. In a modern context, recognised great powers came about first in Europe during the post Napoleonic era.[1] The formalization of… …   Wikipedia

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