‘Accounting is a post mortem survey’. Do you agree? Justify your answer.
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Accounting is a post mortem survey: It records events as they have taken place. For example, expenses are recorded as incurred, assets are recorded at their cost of purchase. There is no scope for ascertaining what the appropriate expenditure or cost of acquisition should have been.
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Accounting is a post mortem survey: It records events as they have taken place. For example, expenses are recorded as incurred, assets are recorded at their cost of purchase. There is no scope for ascertaining what the appropriate expenditure or cost of acquisition should have been.
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