historical cost

noun

Definition of historical cost

  1. 1 :  a cost computed after production from records made concurrently with various steps of production —contrasted with predetermined cost and standard cost

  2. 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. 3 :  the original cost of a property in a public utility

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