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What types of assets is the fair value principle used

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Question - The Cost Principle, is an important measurement principle which is used in accounting. Describe the cost principle and discuss what happens if an asset like land has an increase in the fair value. How would the company report the land?

Describe the fair value principle and for what types of assets is the fair value principle used.

Which measurement principle (cost or fair value) do companies use to record most assets?

Reference no: EM133131045

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