Think very broadly about accounting, its societal role, and its underlying premises, then provide a general answer

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Think very broadly about accounting, its societal role, and its underlying premises, then provide a general answer to each of the following.

(a) Whatis the role of accounting in society?

(b) Is accounting complete? Does it provide all of the information that investors and creditors need for rationale decision making?

(c) Consider an intrinsic principle of accounting, such as the historical cost principle. Are the underlying principles and assumptions of accounting immutable truths, or is there some degree of arbitrariness that is apt to evolve over time?

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Financial Accounting

ISBN: 9781456352974

1st Edition

Authors: Dr. Larry M. Walther

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Question Posted: Mar 21, 2024 11:01 PM

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Think very broadly about accounting, its societal role, and its underlying premises, then provide a general answer

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a The role of accounting in society is multifaceted and crucial Accounting serves as the language of business providing a systematic and standardized ...View the full answer

Financial Accounting

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