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The Income statement is derived from the statement of financial position and can tell where the business profit came from (one answer) Which one of
The Income statement is derived from the statement of financial position and can tell where the business profit came from (one answer) Which one of the following statements does not describe a characteristic with the historical cost principle in accounting (one answer) True False Depends on the legal type of the business Only true for profitable businesses None of the above Records relate to purchase date of assets Easy verification Market valuation too volatile Fair value to base decisions on All estimates based on existing data
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