Question: What is the reason many items are reported on the balance sheet at historic cost rather than at fair market value, which is more relevant

What is the reason many items are reported on the balance sheet at historic cost rather than at fair market value, which is more relevant than historic cost?

a. Historic cost is more timely

b. Fair market value is not available for most items on the balance sheet.

c. Historic cost is more verifiable.

d. Recording items at fair market value would decrease comparability.

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