State whether you consider the following statements to be true or false:
(a) During inflationary periods, historical cost financial statements do not reflect a true and fair view.
(b) The preparation of historical cost financial statements does not involve subjectivity.
(c) Current cost accounting involves estimating future events.
(d) An index number must relate to a specific asset in order to be useful in converting historical cost accounts to current cost accounts.
(e) Where no market exists for an asset, conversion from historical cost to current cost can be difficult.