It is very useful for users of financial statements, but they are not completely accurate. Accountants use a general historical accounts, too, that the accounting statements and understand the cost to make a similar way.
Financial Accounting and Reporting Lesson 11: Introduction to Development Stage Enterprises
These days businessmen cannot afford not to leave their finances in expert hands. They know the competition is stiff and they know that they cant just leave things to chance especially when it involves money.
Accounting standards demands that fixed assets are written down and depreciated over their useful economic life. This article explores the concept of depreciation and gives guidance on how to account for it inthe financial records.