Sub: Accounts Topic: Representaion of Assests at Costs/FMV
Representation of assets at FMV is it Right
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Generally accepted accounting principles require that most assets be listed on the balance
sheet at their historical cost (less any depreciation or amortization, of course). An alternative
would be to list assets at their fair market value. Discuss the policy tradeoffs involved in
deciding whether to use historical cost or fai