on 33 The cost basis of accounting states that: et red d out of question O a. Assets should be reported at their historical cost O b. Assets should be reported at their fair value Oc. Cost is more relevant than fair value O d. The benefits should exceed the cost of providing information 32 Which financial statement reports assets, liabilities, and shareholder's equity? ed out of O a. The statement of cash flows question O b. The Income statement O C. The statement of financial position The statement of changes in equity