1.Most assets and liabilities are reported on the balance sheet at their acquisition cost, called historical cost. Would reporting assets and liabilities at fair values be more informative? What problems might fair-value reporting cause?

2. Should the cost of a building be reported as an asset or expense when it is acquired?

Answer rating: 100% (QA)

1 Yes reporting at fair value will be more informative When assets and liabilities are reported at ... View the full answer