In generating theories of accounting that are based upon what accountants actually do, it is assumed (often implicitly) that what is done by the majority of accountants is the most appropriate practice. In adopting such a perspective there is, in a sense, a perspective of accounting Darwinism a view that accounting practice has evolved, and the fittest, or perhaps best, practices have survived. Prescriptions or advice are provided to others on the basis of what most accountants do the logic being that the majority of accountants must be doing the most appropriate thing. (a) Explain the meaning of the above paragraph and evaluate the logic of the perspective described (12 marks) (b) Based on the above paragraph, can we say that the study of financial accounting theory is just a waste of time for accounting students? Explain your answer either you agree or disagree