Tina Company owns buildings that are worth substantially more than they originally cost. In an effort to provide more relevant information, Tina reports the buildings at fair value in its accounting reports.

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Business

Moriah Bruce

30 August, 16:36

Tina Company owns buildings that are worth substantially more than they originally cost. In an effort to provide more relevant information, Tina reports the buildings at fair value in its accounting reports.

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Emiliano Parks · Answer 1

False

Explanation:

Tina reports it at Historical cost principle. In accounting, the original nominal financial value of this item is the historical cost of a monetary item. The financial reporting of historical costs includes the reporting of assets and liabilities at historical prices that are not tweaked for adjustments to the values of products. Basically assets must be recorded at the cash amount of the time it was gotten