Question

Write a detailed note on the methodology of accounting theory

Answer 1

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Accounting theory provides a guide for effective accounting and financial reporting. Accounting theory involves the assumptions and methodologies used in financial reporting, requiring a review of accounting practices and the regulatory framework

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Answer 2

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Accounting theory is that branch of accounting which consists of the systematic statement of principles and methodology. However, theory cannot be divorced from practice. The theory underlies practices, explains and attempts to predict them. There is not and cannot be any basic contradiction between theory and facts.