In times of rising prices, the historical cost convention has the effect of: (A) valuing all assets

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In times of rising prices, the historical cost convention has the effect of: (A) valuing all assets at their cost to the business. (B) recording goods sold at their cost price, even if they are worth less than that cost. (C) understating profits and overstating balance sheet asset values. (D) overstating profits and understating balance sheet asset values.

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