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What is Price level accounting?
- Cost accounting assumes that value of money is stable.
- But Value of money keeps varying from time to time.
- Prices of goods and services change over the time.
- These changes affect the purchasing power of money.
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The approaches to price level Accounting:
There are four important approaches:
- CPPA (Current Purchasing Power Accounting):
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
- Mid Period Conversion
- Distinction between monetary accounts and non-monetary accounts
- Determine gain or loss on monetary items
- Cost of sales and inventories
- Ascertainment of profit
- CCA (Current Cost Accounting):
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:
- Current operating profit
- Realised holding gain
- Unrealized holding gain
The followings adjustments are necessary for the calculations:
- Depreciation adjustment
- Cost of sales adjustment
- Monetary working capital adjustment
- Gearing adjustment
- SGPLA (Specific and General Price Level Accounting):
It is still an unproposed law of accounting and so is not popularly used in business.
- Adoption of LIFO method of Inventory:
To evaluate fixed assets, LIFO method is used. The effect of this method can reduce the effects of increasing prices, by evaluating fixed assets.
Why students need Approaches to the Price Level accounting homework help?
- Adjustments of price changes are a long endless process
- Confusing and complicated calculation cannot be easily interpreted by students
- The concept has more theoretical importance than practical
- Confusion with changes in the prices during deflation times
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