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cost accounting

This topic has 1 reply, 2 voices, and was last updated 7 years ago by MikeLittle.

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February 12, 2017 at 8:06 am #372052
krishna
Member
- Topics: 17
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for q9 of September 2016, part 1 is right because prices of current ordinary and preference shares are increasing whereas they remain the same if historical cost accounting is used. can you explain why part 2 is right?
February 12, 2017 at 8:21 am #372056
MikeLittle
Keymaster
- Topics: 27
- Replies: 23203
Cost of sales is based on historic cost of inventory and not on replacement cost
In addition, depreciation is calculated on historic cost of assets rather than on their current values
OK?
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