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Which of the following statements does not apply to the historical cost principle? Historical cost represents a value at a point in time. Over time,

Which of the following statements does not apply to the historical cost principle?

Historical cost represents a value at a point in time.

Over time, historical cost becomes irrelevant in terms of predictive value.

The principle does not apply to financial instruments.

Historical cost results from a reciprocal or two-way exchange.

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