Historical cost accounting is reliable, but is less relevant than fair value accounting.

Name: Historical cost accounting is reliable, but is less relevant than fair value accounting.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Historical cost accounting provides verifiable and objective evidence of past transactions, making it reliable. However, it may not reflect the current market value of assets or liabilities, making fair value accounting more relevant for decision-making purposes as it presents the current value of assets and liabilities.

Historical Cost Accounting Is Reliable, but Is Less Relevant Than