Question: The proprietary theory, the entity theory, and the funds theory are three approaches to accounting for equities. Required: a. Describe briefly each of these theories.

The proprietary theory, the entity theory, and the funds theory are three approaches to accounting for equities.

Required:
a. Describe briefly each of these theories.
b. State your reasons for emphasizing the application of one of these theories to each of the following:
i. Single proprietorship
ii.
iii. Financial institutions (banks)
iv. Consolidated statements

v. Estate accounting

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a Under the proprietary theory the accounting concepts are defined from the viewpoint of the proprietor Assets are looked upon as the property of the ... View full answer

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