At the end of the fina Which of the following statements is true of the historic cost concept? Question 7Select one: It takes account of changing price levels over time It records only past transactions It values all assets at their current value It has been replaced by a system of current cost accountingncial year, a company makes a charge against its profits or material consumed but for which an invoice has not yet been received. This adjustment is in accordance with which accounting concept? Question 6Select one: Materiality Accruals Consistency Objectivity