the accountant's task

"Accounting ... might best be defined as the art which attempts to break up the finaneial history of a business into speeifie units, a year or less in length. In other words, it is the business of the aecountant to prepare valid statements of income and finaneial condition in terms of speeifie periods of time; and the propriety of a particular proeedure eannot be judged fairly exeept in terms of its effeet upon the integrity of the partieular statement" (Paton [1922], page 469). Do you agree?

Carefully explain your reasoning.

AppendixLO1