This article present to defense of historical cost accounting. it
is addressed not only to those who attempt to eliminate H. C.
Completely from the field of accounting hut also to those who
recognize the significance of H. C. accounting only to a very
limited extent.
The importance of H. C. are shown through the accounting
practices of five hypothetical countries (A - E). The role of
historical cost will be increased gradually as it move from country
(A) to Country (E). Then the Paper Summarise argument for H.
C. embedded in the accounting practices.
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