Accountancy, asked by mayuresh1741, 1 year ago

What do you mean by Accounting Theory? Explain the various Approaches to Accounting Theory.

Answers

Answered by seema19551311
1
  1. Accounting theory is a set of assumptions, frameworks and methodologies used in the study and application of financial reporting principles.

  1. The traditional-approach to the accounting formulation theory has employed either a normative or a descriptive methodology, a theoretical or a non-theoretical approach, a deductive or an inductive line of reasoning, and has focused on a concept of “fairness”, “social welfare”, or “economic welfare”
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