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Discuss one perceived benefit of historical cost accounting

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Reference no: EM132360157

Question

Discuss one perceived benefit of historical cost accounting. How does this perceived benefit relate to the hierarchy of accounting qualities.

Discuss one perceived benefit of fair value accounting. How does this perceived benefit relate to the hierarchy of accounting qualities.

Describe a situation in which historical cost accounting may be misleading to users of financial statements.

Describe a situation in which fair value accounting may be misleading to users of financial statements.

Reference no: EM132360157

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