Accounting Theory
1. In terms of theoretical foundations, how do you compare
accounting to other disciplines such as economics, physics,
mathematics, etc.?
2. Discuss three major challenges facing fair value accounting
practices and their implications to the future fair value
accounting.
3. Assuming the above challenges to fair value accounting were
solved, why would you prefer fair value accounting over historical
cost accounting?
4. Explain why we would not need an income statement if
everything was accounted for under the...