Accounting Theory: Roles and Approaches. Lectured by S. Sutthachai Accounting Department Faculty of Management Science Khon Kaen University. A Theory: Definition.
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Lectured by S. Sutthachai
Faculty of Management Science
Khon Kaen University
: The better the concept, the better the theory.
: A formation of concept starts from the idea or percept generating a concept designated by terms.
: designated by a sentence.
: characterized by 1) the number and degree of predicates; and 2) the degree of generality.
: Confirmation of a theory is the extent to which a hypothesis is capable of being shown to be empirically true, that is, of describing the real world accurately
1) provides a general frame of reference by which accounting practice can be evaluated; and
2) guides the development of new practices and procedures.
1) encoding of phenomena to symbolic representation;
2) manipulation or combination according to rules; and
3) translation back to real-world phenomena.
GAAP (Generally Accepted Accounting Principles): a guide to the accounting profession in the choice of accounting techniques and the preparation of financial statements in a way considered to be good accounting practice.
What is the definition of ‘small businesses’?
What are the differences between GAAP and accounting standards???
Standard-setting Procedures (IASB Due Process):
The specific accounting principles and the methods of applying those principles that are judged by the management of the entity to be the most appropriate in the circumstances to present fairly financial position, changes in financial position, and results of operations in accordance with generally accepted accounting principles.