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ACC00712 ENTITY MEASUREMENT IN ACCOUNTING AND MEASUREMENT

It is important to understand ACC00712 entity measurement in accounting and Measurement. Accounting is the systematic and comprehensive recording of financial transactions taking place in a business. Accounting measures the performance of the business by measuring its profit or loss. Money is a measurement value of accounting, and Measurement is an essential part of accounting. Therefore, all the Measurement in Accounting is in monetary terms. Accountants use generally accepted accounting principles while preparing financial statements. GAAP is a set of standards related to balance sheet identification, outstanding share measurements, and other accounting issues. Lastly, ACC00712 entity measurement in accounting and Measurement provides useful measures of performance and financial position.

 ACC00712 entity measurement in accounting and Measurement

FAIR VALUE MEASUREMENT AS A MEASUREMENT VALUE OF ACCOUNTING

Fair value measurement is part of ACC00712 entity measurement in accounting and Measurement. Historically, fair value has had a different meaning depending on the context and usage. Fair value is the price received to sell an asset or transfer a liability in a transaction between market participants. Consequently, fair value as a measurement value of accounting focuses on the assumptions of the market place. Additionally, it is not entity-specific and so takes into account any assumptions about risk. Moreover, fair value Measurement uses the same assumptions used by market participants. Fair value measurement in accounting and Measurement takes into account the same characteristics of the asset or liability. Therefore, such conditions would include the condition and location of the asset and any restrictions on its sale or use.

 fair value measurement as the measurement value of accounting

ACC00712 ENTITY MEASUREMENT, HISTORICAL COST MODEL IN ACCOUNTING AND MEASUREMENT

ACC00712 entity measurement in accounting and Measurement incorporates the historical cost measurement basis. Historical cost is a basis of Measurement of elements of financial statements. Usually, there are four bases of Measurement in accounting and Measurement. They include Historical cost, Current cost, Realizable value, and present value. Historical cost is the most common, and its usage incorporates a combination of other measurement bases. Thus, the historical cost accounting model’s drawback is it cannot deal with the effects of changing prices of non-monetary assets. Therefore, some entities prefer using a current cost basis as a measurement value of accounting instead of the historical cost model.

historical cost model in accounting and measurement

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