Question: QUESTION 1 Illustrate with examples, the difference between the following: (In your response, indicate the effects of each on the financial statements). a. Historical cost

QUESTION 1 Illustrate with examples, the difference between the following: (In your response, indicate the effects of each on the financial statements). a. Historical cost vs fair value methods of valuation. (10 marks) b. Conservative accounting vs aggressive accounting. (10 marks)

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