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Question 1 a) The historical cost convention looks backward but the going concern convention looks forwards. i. Does the traditional financial accounting, using the historical

Question 1

a) The historical cost convention looks backward but the going concern convention looks forwards.

i. Does the traditional financial accounting, using the historical cost convention, make the going concern convention unnecessary? Explain with examples.

ii. Which do you think a shareholder is likely to find more useful- a report on the past or an estimate of the future? Why?

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