Most of the professional accountants support Historical cost accounting over the Current cost accounting. As per the statements given evaluate their agreement in support of historical cost accounting I) The amounts are reliable, they can always be verified, and they exist on invoices and documents. II) The amounts in the statement of financial position can be matched perfectly with the amounts in the statement of cash flows. III) In times of rising prices, the conventional system of accounts based on historical cost does not give a true and fair view of the business enterprise IV) Historical cost is basically verifiable; this minimizes the risk of manipulation of figures by the managers. a. Statements I, III and IV b. Statement I, II and IV c. Statements I, II, III and IV d. Statements I, II and III
Most of the professional accountants support Historical cost accounting over the Current cost accounting. As per the statements given evaluate their agreement in support of historical cost accounting
I) The amounts are reliable, they can always be verified, and they exist on invoices and documents.
II) The amounts in the
III) In times of rising prices, the conventional system of accounts based on historical cost does not give a true and fair view of the business enterprise
IV) Historical cost is basically verifiable; this minimizes the risk of manipulation of figures by the managers.
Statements I, III and IV
Statement I, II and IV
Statements I, II, III and IV
Statements I, II and III
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