In times of rising prices, the historical cost convention results in: (A) inventories being valued at cost
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In times of rising prices, the historical cost convention results in: (A) inventories being valued at cost price if this is higher than their net realisable value. (B) non-current assets being valued at their original cost, with no adjustment for depreciation. (C) profits being overstated and balance sheet values being understated. (D) profits being understated and balance sheet values being overstated.
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Related Book For 
Fundamentals Of Financial Accounting
ISBN: 978-0750680813
1st Edition
Authors: Henry Lunt, Walter Allan
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