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    Historical Cost accounting

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    There is a view that historical cost accounting is not able to truly represent the affair of the business entity it is reporting. Explain what is historical cost accounting and the possible reasons for such a view.

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    Historical cost accounting is the situation in which accountants record revenue, expenditure and asset acquisition and disposal at historical cost: that is, the actual amounts of ...

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    The solution explains historical cost accounting in brief (121 words). The solution is optimal for students who is looking for a brief and concise answer to the question being asked.