Introduction
There has always been the preoccupation for valuing objects and human activities. If we measure or weigh any object, we have specific data that are reliable, unless circumstances change and that is the problem. A 20-meter length of wood will always be 20 meters and weigh the same amount. However, the cost of it will fluctuate depending on several factors. Accounting relies on financial measurement to determine the value of objects and the performance of companies. Unfortunately, the concept of monetary value can depend on the circumstances. Water in the desert is worth much—a burst water pipe in your kitchen is a pain.
In this chapter, we examine first the problems in identifying and recording business ...
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