Why is it necessary for accountants to assume that business entity will remain a going concern?
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Why is it necessary for accountants to assume that business entity will remain a going concern?
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- Why do accountants have to be ethical in their duties and responsibilities?How are financial accountants challenged in their work to make ethical decisions? Is technical mastery of GAAP not sufficient to the practice of financial accounting?What is a responsible party? Why is it necessary for the accountant to identify one?
- How does the role of the accountant differ in different organizational contexts and what impact does this have on accounting theory?What is the concept of conservatism in accounting and why is it important? Discuss the potential drawbacks of applying conservatism too strictly.What is an externality, and why do financial accounting practices typically ignore externalities?
- Why is accounting said to be ‘political’ in nature? How can a conceptual framework help in the setting of accounting standards in a political environment?Why do you think Accounting Standards are mandatory?How do accounting theories, such as agency theory and stakeholder theory, inform accounting practices and policies?
