HISTORICAL COST ACCOUNTING Definition

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HISTORICAL COST ACCOUNTING is an accounting principle requiring all financial statement items to be based on original cost. It is usually based upon the dollar amount originally exchanged in an arms-length transaction; an amount assumed to reflect the fair market value of an item at the transaction date.

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YEN is the currency of Japan. Its subdivisions are 100 sen and 1000 rin.

REPOSSESSION is the action of regaining possession, e.g. the seizure of collateral securing a loan that is in default.

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