What is the major reason to adopt changes in price accounting. a. To remove the misleading effect on the financial statements due to ongoing increase or decrease in general price levels over a period of time. b. None of these are correct. c. Both the mentioned points given in other options are correct d. To provide a favorable financial statements revealing better profits and financial position.
What is the major reason to adopt changes in price accounting. a. To remove the misleading effect on the financial statements due to ongoing increase or decrease in general price levels over a period of time. b. None of these are correct. c. Both the mentioned points given in other options are correct d. To provide a favorable financial statements revealing better profits and financial position.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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What is the major reason to adopt changes in price accounting.
a.
To remove the misleading effect on the financial statements due to ongoing increase or decrease in general price levels over a period of time.
b.
None of these are correct.
c.
Both the mentioned points given in other options are correct
d.
To provide a favorable financial statements revealing better profits and financial position.
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