. Illustrate these point completely

alternative plausible explanations for particular phenomena. There is always likely to be somebody who acts differently to the majority. We are safer in saying that our evidence 'supports' a theory. 8. Textbook Q1.35, p30: Do we really need financial accounting theory if all we are interested in doing is developing accounting standards? Absolutely yes! In developing accounting standards there will be many questions, such as: - What will be the eflect ol the related inlormation on diflerent stakcholder groups? - Will the new rules incorporated within the proposed accounting standard provide more benefits to some groups relative to others? - Will organisations be likely to oppose the rexuirements, and why? - Does the proposed accounting standard provide the best approach for accounting for the particular transaction or event? - What are the costs and benefits of the proposed accounting requirements? - Is the accounting standard applicable across all countries? To answer questions such as those provided above rexuires knowledge of various theories of accounting