Question: It is sometimes asserted that the absence of specic principles as to what constitutes cost detracts from the objectivity of the nancial statements of not

It is sometimes asserted that the absence of speciﬁc principles as to what constitutes “cost” detracts from the objectivity of the ﬁnancial statements of not only internal service funds but also ﬁnancial statements of the general fund. In what sense might this be true?

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