This fourth of four columns on mythbusting is aimed at an old chestnut that has been repeated so often that virtually no one ever casts a wary eye in its direction. Here is a quote from a standard intermediate textbook (italics in the original): "Cost has an important advantage over other valuations: It is reliable."

We'd venture to say it's likely to be found in all comparable books over the last 60 years, and who knows how long before then. This fundamental doctrine is pounded into brains from the beginning week in introductory accounting classrooms (but not ours). However, that kind of repetition doesn't mean it's true.

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