Accounting Question:
What are the major differences in the calculation of income between the historical cost (HC) model and the current cost (CC) model of accounting? Explain the justifications for using each of the aforementioned cost models. Provide your analysis of which method provides for more accurate calculation of income.
Please provide at least one external resource that provides insight into your approach. Include proper APA citation and reference list as part of your posting.
Accounting Answers:
Required: half to one page only with at least 3 references.