historical cost

noun

Definition of historical cost

1 : a cost computed after production from records made concurrently with various steps of production contrasted with predetermined cost and standard cost
2 : the value at which a capital asset is recorded on the books representing the outlay of money or its equivalent given in exchange at the time of acquisition
  • depreciation is based on historical cost rather than on replacement value
3 : the original cost of a property in a public utility

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