Explain historical cost and fair value models of accounting. What explains the move toward fair value accounting?
Answer to relevant QuestionsWhat is conservatism? What are its advantages?Explain why cash flow measures of performance are less useful than accrual-based measures.Determining core income is an important first step to estimating permanent income. Explain. What adjustments to net income should be made for estimating core income?Explain how estimates and judgments of financial statement preparers can create differences between financial statement information and economic reality.How does a balance sheet analysis provide a check on the validity and quality of earnings?
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