'While Proponents of Current Cost Accounting Are Convinced That It

Essay

'While proponents of current cost accounting are convinced that it provides more useful information than historic accounting,they do not agree on all issues.In general supporters can be divided into two camps; (1)those who believe in the financial capital concept,and (2)those who believe in the physical concept.' J.Godfrey,et el,'Accounting Theory',7^th Ed.p.205.
Explain the differences between the two concepts and the arguments for and against each viewpoint stating which you approach you believe is the most valid.