The historical cost convention looks backwards but the going concern convention looks forwards. a. Does traditional financial

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‘The historical cost convention looks backwards but the going concern convention looks forwards’.

a. Does traditional financial accounting, using the historical cost convention, make the going concern convention (see Chapter 3) unnecessary? Explain your answer fully.

b. Which do you think a shareholder is likely to find more useful: a report on the past or an estimate of the future? Why?

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Financial Accounting An International Introduction

ISBN: 9781292102993

6th Edition

Authors: David Alexander, Christopher Nobe

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Question Posted: Apr 17, 2024 01:00 AM

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The historical cost convention looks backwards but the going concern convention looks forwards. a. Does traditional financial

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Financial Accounting An International Introduction

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