Question

What accounting principle states that an asset or liability should be recorded at the amount given or received in the exchange transaction

Answer 1

Historical cost.

Step-by-step explanation:

Historical cost is an accounting principle which states that an asset or liability should be recorded at the amount given or received in the exchange transaction.

Under the Generally Accepted Accounting Principles, the historical cost concept is used for fixed assets in the United States of America. It is also known as the cost principle of accounting.