State whether you consider the following statements to be true or false:

(a) During inflationary periods, historic cost accounts do not reflect a true and fair view.

(b) The preparation of historic cost accounts 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 historic cost accounts to current cost accounts.

(e) Where no market exists for an asset, conversion from historic cost to current cost can be difficult.