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How inflation obscures the meaning of accounts

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"It is important that management and other users of financial accounts should be in a position to appreciate the effect of inflation on the business with which they are concerned."

Problem 1: Consider the above statement and explain how inflation obscures the meaning of accounts prepared by the traditional historical cost convention, and discuss the contribution which CPP accounting could make to providing a more satisfactory system of accounting for inflation.

Reference no: EM132616108

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