Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The main difference between normative and positive (accounting) theories is that normative theories are prescriptive, whereas positive theories are descriptive, explanatory or predictive. J. Godfrey,
"The main difference between normative and positive (accounting) theories is that normative theories are prescriptive, whereas positive theories are descriptive, explanatory or predictive". J. Godfrey, et el, 'Accounting Theory', 7thEd.p.29.
Explain and discuss the quotation. Include in your answer an opinion as to whether the two approaches are compatible or incompatible.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started