Sample Essay

Accounting theories present the basic structure and framework necessary to carry out and evaluate accounting functions in a suitable manner. Not only do these theories provide the general framework but they also prescribe how newer theories and concepts can be developed.

There are several theories in accounting which present guidelines in differing ways. Accounting theories are categorized into three broad areas which include theories which provide explanation of accounting practices, theories which provide forecasts or prediction of future impacts of accounting practices and theories which present general guidelines and recommendations for application of accounting procedures. There are several major accounting theories which include positive accounting theory, normative accounting theory, accounting under ideal and non ideal conditions, decision usefulness theory, moral hazards theory and agency theory. The importance of these theories can be described through analysis of individual techniques.

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