Consider the given statements and select the correct option in the context of the cost concept.
Assertion (A): The cost concept is applicable only to fixed assets and not to current assets.
Reason (R): If a firm does not pay anything for a fixed asset, it would not be recorded in the books of accounts.

A

Both A and R are correct and R is the correct explanation of A

B

Both A and R are correct but R is not the correct explanation of A

C

A is incorrect and R is correct

D

A is correct and R is incorrect