Final answer:
The Cost Concept dictates that assets and services should be recorded at their historical cost, providing a stable and consistent basis for financial reporting.
Step-by-step explanation:
The concept that states that assets and services should be recorded at actual (historical) cost is known as the Cost Concept. This is one of the fundamental principles of accounting, ensuring that the accounting records and financial statements are based on the original cost of acquisition, rather than current market value or future value estimates. The Cost Concept provides a stable basis for financial reporting and helps in comparing financial information consistently over time.