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Historical cost accounting continues to be used to prepare financial accountswithin annual reports and can be classified as a normative theory. Identify three criteria that

Historical cost accounting continues to be used to prepare financial accountswithin annual reports and can be classified as a normative theory. Identify three criteria that can be used to evaluate a theory and apply these to historical cost accounting. Briefly explain why you think historical cost accounting continues to be used as a measurement basis within finanical reporting.

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