ACC 421-Historical cost do reflect the value on the balance sheet

by | Mar 18, 2020 | Uncategorized

  

Historical cost do reflect the value on the balance sheet . The reason is because ,when the historical cost doctrine is applied in preparation of a balance sheet,assets are recorded at their acquisition cost and the depreciation and any impairment charges are adjusted. The liabilities also are carried at the respective prices in which they were incurred.

Does this apply to all fixed assets? Explain please.

  

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