Accounting for the effect of changing prices

Reference no: EM13954644

In the ASC's handbook, Accounting for the Effect of Changing Prices, accountants are faced with a choice of systems of accounting when dealing with the effects of inflation.

Requirements

(a) Briefly describe the three factors which combine to make up these systems of accounting.

(b) Explain the main advantages and disadvantages of two such systems.

Reference no: EM13954644

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