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What is Price level accounting?
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The approaches to price level Accounting:
There are four important approaches:
The changes in the value of item are considered in this method. But the changes in the value of the individual items shall not be regarded. The steps are;
Conversion Factor: Conversion Factor = Price Index at the date of revaluation/ Price index at the date of existing ‘figure
This method considers changes in money value. But the actual value of the individual item remains unchanged. Current values of the items are considered and not the historical values. The subcategories are:
The followings adjustments are necessary for the calculations:
It is still an unproposed law of accounting and so is not popularly used in business.
To evaluate fixed assets, LIFO method is used. The effect of this method can reduce the effects of increasing prices, by evaluating fixed assets.
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