Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. what is the reason many items are reported on the

What is the reason many items are reported on the balance sheet at historic cost...

50.1K

Verified Solution

Question

Accounting

What is the reason many items are reported on the balance sheet at historic cost rather than at fair market value, which is more relevant than historic cost?

a. Historic cost is more timely

b. Fair market value is not available for most items on the balance sheet.

c. Historic cost is more verifiable.

d. Recording items at fair market value would decrease comparability.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Basic Math
1.2K views

In 2015 88 of U S residents used the internet up from 14 in 1995...

Advance Math
1.2K views

Hi, can you please verify with the basic code of a beginner MATLAB user, and try...

Operations Management
1.2K views

Re: Kellogg's Honey Smacks Recall Kellogg's uses this recall as an example in conducting a self-assessment of...

Medical Sciences
1.2K views

1) What does the IMI of an animal tell us about their mode of locomotion? 2) (True...

Biology
1.2K views

what are some of the most common clinical and pathological manifestations of human immunity

Psychology
1.2K views

The textbook suggests that to study smarter and improve memory, one should 1) organize information, 2)...

Psychology
1.2K views

Discuss about three goals you would like to achieve with your diet and use the SMART...

Physics
1.2K views

Three point masses each of mass m rotate in a circle of radius r with...

Algebra
1.2K views

2 a Rewrite into the vertex form y a x h 2 k by Completing...

Accounting
1.2K views

Item8 10 points Return to questionItem 8 Selected ledger accounts for Realm Company are given...

Accounting
1.2K views

Kunkel Company makes two products and uses a conventional costing system in which a single...

Accounting
1.2K views

Lily Company produces and sells automobile batteries, the heavy-duty HD-240. The 2022 sales forecast is...