Specimen
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MC Question 3
Which of the following criticisms does NOT apply to historical cost accounts during a period of rising prices?
| A | They contain mixed values; some items are at current values, some at out of date values |
|---|---|
| B | They are difficult to verify as transactions could have happened many years ago |
| C | They understate assets and overstate profit |
| D | They overstate gearing in the statement of financial position |