ACCT 2101 Lecture 5: Chapter 5: Accounting for Inventories

"Financial accounting is primarily about reporting on the history of a company. It has nothing to tell us of the future."

Critically evaluate this statement paying particular attention to

Going concern convention;

Valuation of long-term assets;

Valuation of inventories;

Impairments

"Financial accounting is primarily about reporting on the history of a company. It has nothing to tell us of the future."

Critically evaluate this statement paying particular attention to

Going concern convention;

Valuation of long-term assets;

Valuation of inventories;

Impairments