Question

how to introduce the course of《accounting theory》to others？What is your understanding of this course?

Answer 1

Introducing the Accounting theory to others can be easy and intresting by letting them knew the benefits of it. So firstly the benefits of accounting are :-

1. Maintenance of business records
2. Preparation of financial statements
3. Comparison of results
4. Acts as legal evidence
5. Helps in taxation matters
6. Facilitates raising loans and advances

Now what is accounting theory-

Accounting theory is the logical reasoning that helps evaluate qnd guide accounting practices. All theories are bound by conceptual framework of accounting which is provided by financial accounting standards board, an independent entity that works to establish the key objectives of financial reporting by businesses.

Next, some of the key assumptions of accounting theory-

1. Business is separate from its owners
2. Believe that company will continue to exist
3. Financial statements are prepared with currency amounts
4. Prepared on the monthly or yearly basis.

The objective of the course is to provide the student with the oppurtunity to obtain a sound knowledge of positive and critical theories of accounting to be used as abovesaid.

Benefits of this course -

1. More widen knowledge of accounting
2. Defining the nature, scope and future of accounting
3. Familaristaion with concepts of theory developments
4. Ability to critically analyse the issues occured while accounting.

My understamding of this course is that it is a useful course to gather the knowledge of accounting theories, policies, procedures, etc

Outcomes that I have from this course are -

1. Demonstrating the descriptive understanding of financial accounting with reference to various concepts and theories
2. Interpreting, and evaluation of competing accounting theories and concepts
3. Application of theories and concepts to current accounting issues
4. Researches and investing projects which are financially viable.