Costs and Returns: Economic and Accounting Concepts
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This article reviews economic and accounting bases for costs-of-production (COP)
calculations It finds that the problems of circularity of arguments, potential cost·
price spirals, and escalating land values are Inherent m all full COP methods of
setting support prices Inflation, Income tax regulations, and credit usage Interact
to distort the traditional relationships between cash costs and cash returns, thus
requiring explicit correction m COP calculations