1.Why do students of financial accounting need to bother with the study of ‘theories’? Why not just study some more of the numerous accounting standards or other pronouncements of the accounting profession?

2.Why would (or perhaps ‘should’ ) accounting practitioners and accounting regulators consider various theories of accounting ?

3.Do all ‘theories of accounting seek to filful the same role, and if there are alternative theories to explain or guide particular practice, how does somebody select one theory in preference to another?

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1 Accounting is the corporate language It is made up of a variety of philosophies and practices Acco... View the full answer