QUESTION 1 (25 MARKS) Accounting theory is a notion that uses speculations, methodologies, and frameworks in the study of financial reporting as well as how financial reporting principles are applied in the accounting industry. Accounting theory - logical reasoning in the form of a set of broad principles that: provide a general framework of reference by which accounting practice can be evaluated. guide the development of new practices and procedures. Diagram 1: Accounting theory definition by Hendriksen's a) By referring to the Diagram 1, from the perspective of stakeholder explain the acceptance of theory in accounting practices (9 Marks) b) There is 2 approach formulating accounting theory, "top down" and "bottom up approaches. Illustrate both approaches with detail explanations. (diagram is needed) (10 Marks) c) Syntactic, Semantic and Pragmatic is the theoretical structure for accounting theory development. Based on your understanding, elaborate the importance of these three parts in the development of accounting theory. (6 Marks)