FA Chapter 19 Questions Accounting Conventions and Policies

8 Comments

1. S
   sansan·2y ago

   Thanks, I got 80%
2. G
   GARRY·3y ago

   thanks for the practice question the really boost my confidence
3. J
   John MoffatTutor·3y ago

   :-)
4. T
   Tauqeer·8y ago

   Question:1 I did not understand why with historic cost assets understate and profit overstate? Kindly Explain Sir
5. J
   John MoffatTutor·8y ago

   I explain this in the free lectures :-)
6. G
   GARRY·3y ago

   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
7. A
   alice·10y ago

   What is money measurement concept?
8. J
   John MoffatTutor·10y ago

   Simply the idea that we need to be able to put a money value on our assets.