Ten years after a company purchases a plot of land, it is reported on the balance sheet at its cost from the year it was purchased instead of its current selling price. This accounting practice is justified by the financial period assumption. going concern assumption fiscal period assumption. original cost base. Question 8 2 pts Today's fair market value would be the same as: the cash price of the asset when it was originally purchased. the current price paid for an item in the input market. the value of an item in the output market or sales price. the discounted future cash flows from input and output markets