The measurement of assets and liabilities on the balance sheet was previously a secondary goal to income

Question:

The measurement of assets and liabilities on the balance sheet was previously a secondary goal to income determination. As a result, various measurement techniques arose to disclose assets and liabilities.

Required:

Discuss the various measurement techniques used on the balance sheet to disclose assets and liabilities.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...