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Accounting theory just refers to a body of knowledge that has been built Gucci Belt Navy
Accounting theory is the bedrock of accounting standards
cash basis Accounting. b. market value Accounting. c. book value Accounting.
What are the bedrock theories of Accounting? I like to know the bedrock theories of Accounting
Accounting Standards were created so that companies accounting records would all be the same. For example, you cannot look at two different companies in and compare them if they use two different ways of doing their accounting. The standard were created by FASB (Financial Accounting Standards Board) and the US standards Louis Vuitton Belt Amazon are called GAAP (Generally Accepted Accounting Principles). In comparing, the theory with the standards, we could say that the standards must follow the theory. The theory is set in stone. The standards are the rules that companies follow in order to comply with the current laws.
Some interesting contributions above. Please note that accounting theory was not created by Luca Pacioli. Although he is credited, pardon the pun, with the development of the double entry system of debits and credits and how these must always balance within the accounting equation of Assets + Expenses = Revenue + Liabilities + Capital.
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of many years in how economic transactions should be accounted for. Theory development, in more modern times, lead to the construction of accounting standards which are development by accounting bodies around the world, such as the US FASB. I was wondering if I could get some opinions and see.
Debits must equal credits in each transaction. The accounting equation must always stay in balance. If these things are not true then, the "accountant" has done something incorrect.
credits. There are different types of accounts in a business and depending on which type of account it is will determine how that account increases or decreases. The method once understood, is like a puzzle in which all the pieces fit together properly.
Accounting Theory was created by Luca Pacioli in the 1400 It is a system of the double entry method of accounting. While most people think that accounting is about math; it is not really about math at all. It is made up of a system of debits and Ferragamo Belt Gold Buckle
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