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In times of rising prices, what effect does the use of the historical cost concept have on a companys asset values and profit? A Asset

In times of rising prices, what effect does the use of the historical cost concept have on a companys asset values and profit?

A Asset values and profit both understated

B Asset values and profit both overstated

C Asset values understated and profit overstated

D Asset values overstated and profit understated.

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