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This reply discusses price-level adjustments and their implications on accounting expectations and asset valuation.
Presents a reply by Thomas R. Dyckman to the author's article on "Discounted Cash Flows, Price-Level Adjustments and Expectations." Information on price-level adjustments that have generally been defended as translations of cost information; Discussion on objective of accounting, which was not to maintain the real assets of the firm; Comparison of $317 income to a price-level adjusted income of $87.
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Harold Bierman (1972) studied this question.
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