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(a) Question 4 The historical cost convention looks backward but the going concern convention looks forwards.' Required: i. Does the traditional financial accounting, using the
(a) Question 4 The historical cost convention looks backward but the going concern convention looks forwards.' Required: i. Does the traditional financial accounting, using the historical cost convention, make the going concern convention unnecessary? Explain with examples. (7 marks) Which do you think a shareholder is likely to find more useful- a report on the past or an estimate of the future? Why? (6 marks)
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