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Summary

  • Though unstable, money is the scale of measurement in accounting.
  • The elements of measurement are: identification of events, selection of a scale and evaluation of dimension of scale.
  • Four valuation principles are
    – Historical cost
    – Current cost
    – Realisable value
    – Present value
  • Accounting estimates are made for doubtful debts, inventory obsolescence, residual value, etc.




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