Historical cost principle means that most assets and liabilities to be accounted for and reported on the basis of acquisition price, 1-true 2-false?

True - Historical Cost Principle means that most assets and liabilities to be accounted for and reported on the basis of acquisition price.
Based on the historical-cost principle, under U.S.
GAAP, most assets held on the balance sheet are to be recorded at the historical cost even if they have significantly changed in value over time.
For example, say the main headquarters of a company, which includes the land and building, was bought for $100,000 in1925, and its expected market value today is $20 million.
The asset is still recorded on the balance sheet at $100,000.
Not all assets are held at historical cost.
For example, marketable securities are held at market value on the balance sheet.

1.

true