Question Three:

Hendrikson and Van Breda $(2001)$ define accounting theory as a coherent set of hypothetical, conceptual and pragmatic principles forming a general frame of reference for inquiring into the nature of accounting. The definition is deliberately broad so as to encompass both the more traditional view of theory as a general frame of reference for the evaluation and development of sound accounting practices and the more modern of theory as a general frame of reference by which accounting practice can be explained and predicted. Three major levels of classifications enunciated by Hendrikson and Van Breda $(2001)$ include: Pragmatic, Semantic and Syntactic.

Required:

Briefly explain these three levels and how they influence the usefulness of accounting information.