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How can the amounts shown on the- nancial statements be called historical ?cost amounts

How can the amounts shown on the- nancial statements be called historical ?cost amounts

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A How can the amounts shown on the- financial statements be called historical ?cost amounts When the amount spent is cash or cash equivalent Because of this reason the amounts shown on the financial statements are referred to as historical cost amounts when an item was originally obtained, whether that purchase happened last year or thirty years ago none of them Financial accountants help tax- accountants in preparing financials for .tax reporting to various authorities True False
Transcribed Image Text:A How can the amounts shown on the- financial statements be called historical ?cost amounts When the amount spent is cash or cash equivalent Because of this reason the amounts shown on the financial statements are referred to as historical cost amounts when an item was originally obtained, whether that purchase happened last year or thirty years ago none of them Financial accountants help tax- accountants in preparing financials for .tax reporting to various authorities True False
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