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FA Chapter 19 Questions Accounting Conventions and Policies
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Thanks, I got 80%
thanks for the practice question the really boost my confidence
馃檪
Question:1 I did not understand why with historic cost assets understate and profit overstate? Kindly Explain Sir
I explain this in the free lectures 馃檪
take for example you buy an item at a relative high price but you do not change your cost . when you sell the item in real sense the profit you get will be lower than the one you will have recorded and the closing stock will be more than what youve recorded therefore profit is overstated while assets are understated.thats from my understanding
What is money measurement concept?
Simply the idea that we need to be able to put a money value on our assets.