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Question 1 A) What is meant by the phrase efficient allocation of resources? What mechanism encourage the efficient allocation of resources? B) What are two

Question 1

A) What is meant by the phrase efficient allocation of resources? What mechanism encourage the efficient allocation of resources?

B) What are two advantages to basing the valuation of assets and liabilities on their historical cost?

C) Further to the financial statement elements pointed in the basic financial statements, what are some other ways to disclose financial information to external users?

D)What measurement attributes are commonly used in financial reporting?

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