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Plz use your own words QUESTION 2: Accounting concepts and...

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Accounting

Plz use your own words
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QUESTION 2: Accounting concepts and principles (a) Describe the historical cost concept and provide ONE advantage and ONE disadvantage of the use of the historical cost concept. (6 marks) (b) Land in Japan is a non-depreciable asset that is recorded at its cost as an asset of the company and is subject to impairment at the end of the company's reporting period (the special cost method). What are some possible reasons for using the special cost method to record land in Japan? (6 marks)

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