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Accounting Theory and Policy Making. The relationship between accounting theory and the standard-setting pro-cess must be understood within its wider context, as shown in Exhibit 1.1. We caution that Exhibit 1.1 is extremely simplistic. Economic conditions have an impact on both political factors and accounting theory. Political fac-
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May 2, 2017 · Here, unitary theorist argue that the power was contain at the. top/management while radical theorist claim that the power was sustain by those who own the. means of productions. In this case, the ...
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- Abstract
- 2. EVOLUTION OF ACCOUNTING AND RECENT DEVELOPMENTS IN ACCOUNTING.
- DATA PROCESSING IN BUSINESS
- 3.2 Going Concern Assumption (GCA) means that in drawing up financial statements; the entity will continue to exist in its present form into the indefinite future (perpetuity) (Fremgen, 1968). It is further stresses by (Fremgen, 1986) that organization will continue to exist for life as far as the firm can meet its immediate and long term financial obligations. GCA, however ensure that assets should also be valued based on their economic useful life, cost, degree of usage and residual value for purpose of real income determination. The controversy to going concern assumption is that a firm could be compelled to go into liquidation if it cannot meet its short term and long term financial obligations as they fall due. Other reasons for a firm's liquidation may include:
- 5. SUMMARY, CONCLUSION AND RECOMMENDATION
- 5.1 Summary
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Accounting frameworks follow stipulations of existing Accounting Theories. This exploratory research sets out to trace the evolution of accounting theories of Charge and Discharge Syndrome and the Corollary of Double Entry. Furthermore, it dives into the theories of Income Determination, garnishing it with areas of diversities in the use of Account...
In this section a review of evolution of accounting and its theories are explored. Recent growths and developments in the accounting arena are also discussed.
Control Unit (CU) Interpret, store, instructions in sequence, issue commanded to all elements of the central processing. Source documents and books of original entry Trial Balance Arithmetic & Logic Unit (ALU) performs arithmetic and logic specifications Final Accounts Main memory (main storage) instructions and processing results. holds data,
. On litigation by creditors or by an order of the court. Proclamation by the government When the firm operates outsides its memorandum and articles of associations. (ultra vires) When the activities of the firm are illegal, injurious to health and against the public policy On mutual agreement by the owner and stake holders. On completion of a part...
Under this section a summary is made and conclusions drawn, cumulating into specific recommendation.
Accounting unconsciously developed from socio-economic and political needs of the society by tracking down the historical and current events in business and economics. The inherent problems of measurement, proportion, recording and coincidence of wants eased out by the introduction of standard unit of measurement. The growth in business that culmin...
There are more than 30 peer-reviewed academic journals hosted under the hosting platform. Prospective authors of journals can find the submission instruction on the following page: http://www.iiste.org/journals/ All the journals articles are available online to the readers all over the world without financial, legal, or technical barriers other ...
Book publication information: http://www.iiste.org/book/
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- Angus O. Unegbu
- 2014
A Unified Approach to the Theory of Accounting and Information Systems Claude S. Colantoni, Rene P. Manes and Andrew Whinston PERHAPS one of the most discussed issues in accounting today concerns the relationship between the scope of accounting theory and the area of infor-mation systems. In the accounting litera-ture two major and distinct ...
NATURE OF ACCOUNTING THEORY A generally accepted accounting theory is argued can: 1. Guide the body responsible for establishing accounting standards 2. Provide a frame of reference for resolving accounting questions in the absence of specific promulgated standard 3. Determine bounds for judgments in preparing financial statements 4.
- ALAN HOW
UNITY IN ACCOUNTING THEORY. and formal viewpoints is an issue of long standing in accounting discus- sions. It has been evident in successive con- troversies over the counting of profits on credit sales, the general use of an accrual basis in accounts, the treatment of depre- ciation as an operating cost and in other contested developments in ...
reflected in the accounting system; −composition of the Balance sheet; −application of the main method – double entry while displaying business transactions. Students will be able to: − use system of knowledge about accounting principles for the development and justification of accounting policies;
