Test Question Inflation Accounting

  1. What do you mean by Inflation Accounting?
  2. What are the advantages of Inflation Accounting?
  3. Discuss the limitations of Historical Accounting.
  4. What are the various approaches to Price Level Accounting?
  5. What is Current Purchasing Price Accounting?
  6. What are the steps involved in Current Purchasing Price Accounting?
  7. What is Current Cost Accounting?
  8. Describe the adjustments you need to make while evaluating Current Operating profit?
  9. Briefly explain the disadvantages of Inflation Accounting.
  10. What is the advantage of LIFO method of inventory?

 

 

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