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There is no simple definition of theory. In different circumstances it can mean different things. However, theories are necessary for us to try to understand

There is no simple definition of theory. In different circumstances it can mean different things. However, theories are necessary for us to try to understand the world we live in. Theories provide a basis for decision we make. Describe what is meant by Accounting Theory? Why accounting theory is needed in the business practice, provide an example?

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