Specimen
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MC Question 13
Which of the following criticisms does NOT apply to historical cost financial statements during a period of rising prices?
| A | They are difficult to verify because transactions could have happened many years ago |
|---|---|
| B | They contain mixed values; some items are at current values and some are at out of date values |
| C | They understate assets and overstate profit |
| D | They overstate gearing in the statement of financial position |