Topic: Alternatives to Historical Cost Accounting
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What is the meaning of 'historical cost accounting'?
Historical cost accounting is an accounting concept that states that all assets in the financial statement should be reported based on their original cost . Example : James buys a building for $2,000,000 ten years ago, the value of the buil... Read More »
Source: http://wiki.answers.com/Q/Historical+cost+accounting+vs+market+va...
What is Historical Cost Accounting?
Financial accounting based on the original cost of an item ignoring inflationary increases. It is the only allowable method of preparing the primary financial statements that appear in the annual report. However, inventory and investments i... Read More »
Source: http://www.answers.com/topic/historical-cost-accounting
What is not a valid criticism of historical cost accounting?
Historical cost accounting does not suit the needs of investors as it is concerned with past transactions and is there for not 'forward looking.' Read More »
Source: http://wiki.answers.com/Q/What_is_not_a_valid_criticism_of_histor...
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Alternatives to Historical Cost Accounting
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In the US the historical cost principle means that assets and liabilities are recorded at their actual historical cost. When an asset is written off, the loss is recorded as the historical cost of the asset less any accumulated depreciation...
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Source: http://answers.yahoo.com/question/index?qid=20070909145421AAdYdPU
Historical fiction is a ...
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Source: http://www.chacha.com/question/what-is-a-sub%26%2345%3Bgenre-of-f...
The answer to your first question is found in the second. That is, the biggest problem with using historical cost is that there is no assurance that it will apply to the future since all things change. Thus, a projection based upon historic...
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Source: http://answers.yahoo.com/question/index?qid=20061201150851AAgzs7L
Here they are, all nicely listed out and explained. Source(s): http://www.cliffsnotes.com/WileyCDA/Clif… http://www.accountingcoach.com/online-ac…
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Source: http://answers.yahoo.com/question/index?qid=20081125153934AAGxdM1
Cost accounting, when I took that class, focused on the cost to produce a product. Essentially it was how to arrive at cost of goods sold for a factory environment. Historical cost is a concept in accounting, not really an accounting field ...
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Source: http://answers.yahoo.com/question/index?qid=20081113062756AA7lvga
Historic cost is simply the cost or value at which a transaction took place. For example you bought inventory for $100 but now they are worth $120. Their historic cost is $100 in your books that is what they cost you. Learn more about accou...
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Source: http://www.blurtit.com/q9580582.html
