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Question - At beginning of the year, Geoff set up a business with only cash of $2000, which was used to acquire inventory at beginning of the year. The whole inventory was then sold in mid-year for $2420. On 30 November Geoff obtained a further $2300 of inventory on credit. The index of the general price level is:
Date - Index
1/1 - 100
30/6 - 110
30/11 - 115
30/12 - 120
Required -
(1) Calculate the profit for the year end, based on historical cost.
(2) What is the meaning of CPP (current purchasing power)?
(3) Calculate the CPP profit at the year end.
(4) Suppose you try to write a research paper based on this case with a stance of advocating alternative accounting systems against the historical cost method. Would this paper be positive accounting theory or normative accounting theory? Is this paper a critical theory?
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