THE EFFECT OF HISTORICAL COST ACCOUNTING ON THE REPORTED PROFIT OF A COMPANY: AN EVALUATION OF CURRENT COST ACCOUNTING AS AN ALTERNATIVE REPORTING METHOD
ABSTRACT This study evaluates the effect of historical cost accounting on the reported profit of a company: An evaluation of current cost accounting as an alternative reporting method. In a high – inflationary and distorted economy like Nigeria with high uncertainties, the conventional historical cost method of profit reporting has misled many companies into liquidation since it has been found inadequate in accounting for the uncertainties. The persistent nature of ...
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