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Cost Accounting
Historical Cost Accounting
Is the situation in which accountants
record revenue, expenditure and asset
acquisition and disposal at historical cost:
that is,
The actual amounts of money, or money's
worth or the fair value of the consideration
given to acquire them at the time of their
acquisition , received or paid to complete
the transaction.
Limitations of Historical
:Cost Accounting include
Control
Consumption
Taxation
Valuation
Control
The prime objective of the
preparation and publication of
:regular financial reporting is