Accounting Theory

There are several principles considered part of basic accounting theory, including cost principle, matching principle, materiality, conservatism and monetary unit assumption. Accounting theory may also be used to explain existing practices to obtain a better understanding of them. But the most important goal of accounting theory should be to provide a coherent set of logical principles that form the general frame of reference for the evaluation and development of sound accounting practices. Accounting theory explains accounting practices and guides to keep pace with fast changing environment. It is dynamic in nature and is based on sound logical reasoning. It helps to build an approach towards accounting practices. It covers not only present scenario, but also covers future development in an economy.

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