What do you mean by Accounting Theory? Explain the various Approaches to Accounting Theory.
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- Accounting theory is a set of assumptions, frameworks and methodologies used in the study and application of financial reporting principles.
- 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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