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Various normative theories of measurement in accounting were developed during the 1960s and 1970s to address specific issues that related to problems with measurement using historical cost accounting, particularly in times of rising prices

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Various normative theories of measurement in accounting were developed during the 1960s and 1970s to address specific issues that related to problems with measurement using historical cost accounting, particularly in times of rising prices.
Compare and contrast Historical Cost Accounting with the other valuation approaches of current cost and exit price accounting and evaluate whether these alternatives provide information which is of greater relevance to users of accounting information.