Question: Question 1 : A . Do you think theory needs to be considered in financial accounting? List your reasons for why yes or why not.

Question 1:
A. Do you think theory needs to be considered in financial accounting? List your
reasons for why yes or why not.
B. Distinguish between positive and normative theory. Is one type of theory more
useful than the other for financial reporting? List your reasons for your answer.
C. Would you consider the IASB Conceptual Framework for Financial Reporting a
normative theory under construction? List your reasons for why yes or why not.
Question 1: A. Do you think theory needs to be considered

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