Question 1 Justify how the study of accounting theory can contribute to the following situations: (a)...

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Question 1 Justify how the study of accounting theory can contribute to the following situations: (a) You as an accounting student (b) You as a professional accountant Question 2 Discuss the importance of Positive Accounting Theory (PAT) in the development of accounting practices. How does PAT differ from Normative Theory in terms of their relevance to the accounting profession. Provide a specific example in which the PAT is applied in accounting. Question 3 (a) What do you understand regulation of financial reporting to be? Do you agree for the accounting profession to be strictly regulated? What do you think the implications of such decision will be on the relevance of accounting profession? (b) Explain the roles and functions of the Malaysian Accounting Standards Board (MASB) in regulating Malaysian accounting environment. Question 1 Justify how the study of accounting theory can contribute to the following situations: (a) You as an accounting student (b) You as a professional accountant Question 2 Discuss the importance of Positive Accounting Theory (PAT) in the development of accounting practices. How does PAT differ from Normative Theory in terms of their relevance to the accounting profession. Provide a specific example in which the PAT is applied in accounting. Question 3 (a) What do you understand regulation of financial reporting to be? Do you agree for the accounting profession to be strictly regulated? What do you think the implications of such decision will be on the relevance of accounting profession? (b) Explain the roles and functions of the Malaysian Accounting Standards Board (MASB) in regulating Malaysian accounting environment.