According to the Australian Accounting Standards, the following assets can be recorded initially at historical cost, except for:
A) land.
B) inventories.
C) equipment.
D) motor vehicle.

Question

Quizplus · Accepted Answer

According to the Australian Accounting Standards, inventories can be recorded at the lower of cost and net realizable value, not just historical cost. Land, equipment, and motor vehicles can be recorded at historical cost.

According to the Australian Accounting Standards, the Following Assets Can