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9 Which of the following is least likely to reflect economic reality? a Current cost. b) Fair value. c) Historical cost. d) Market value. 10

9 Which of the following is least likely to reflect economic reality? a Current cost. b) Fair value. c) Historical cost. d) Market value. 10 Which of the following statements is INCORRECT? a) Market value is ideally based on active markets. b) Current cost is relevant for replacement decisions. c) Historical cost is easy to verify. d) Fair value is not reliable

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