The Demand for and Supply of Accounting Theories

" Story of an hour " itself is a metaphor for the small amount of time it took for an entire view on life to change, the woman admitting to herself she had a miserable marriage and then dying did not actually take place in an hour, it is representative of how great of a change a single moment can make.

The purpose of accounting is to record the financial information, such as transactions and performance, related to a business. The accounting profession has been in existence for as long as business transactions have occurred. It wasn’t until 1494, however, when Luca Pacioli, a Venetian merchant, wrote Summa de Arithmetica, Geometrio, Proportioni et Proportionalita. His writings described a two-entry system of debits and credits, which became the basis for modern accounting systems. Three centuries later, with the emergence of the Industrial Revolution and the development of corporations, the profession of being an accountant became a necessity to keep track of the rising costs and cash flows. As a result, the American Association of Public

The Story of an Hour: The title refers to the actual duration of the story. All the events that take place in the story can happen in the time frame of an hour.

The Story of an Hour: The first sentence sums up all that is wrong with suspense in this story, "Knowing that Mrs. Mallard was afflicted with a heart trouble, great care was taken to break […] the news of her husband 's death.” In The Interlopers, story pertaining details were introduced as scene-setting, a subtle plot-motivating technique this story abandons. The remaining “suspense" is developed entirely through Mrs. Millard’s hyperactive imagination as she dreams of the future. Her euphoric visions are repeated, and repeated again. An uneasiness is created for the sole reason that most people know that sane people don’t think this way. Ultimately, the lazy suspense building cheapens the ending and while successfully creates tension, dissolves itself by being overly obvious and unvaried.

When talking about accounting, the first thing we should know is the history of its development. Traditionally, the development is from inductive to deductive. Inductive theory assume what is done by the majority is the most appropriate practice. However, It did not seek to evaluate the logic or merit of

In this article, Miller et al. concern about the understanding of the historical foundation of accounting practice by investigating how theories of costing and budgeting were constructed in the first thirty years of the 20th century. In addition, the authors suggest several radical factors of theoretical understanding of accounting in relation to the other social and organizational practices.

The Burns and Scapens framework for analyzing managerial accounting change was built on the study of old institutional economics, which sees "economics as a process of social provision, subject to multiple and cumulative causation." This view culminates in a model that argues that the managerial accounting practices at institutions are subject to a process of constant change, influenced by routines and rules. The institutions contribute to these routines and rules, but so do actions on the part of managers within the institutions. By combining multiple influences over time, we arrive at modern managerial accounting practice. In other words, Burns and Scapens tells us that managerial accounting practice changes over time, influenced by a number of factors including rules, routines and actions.

MC Wells ‘A Revolution in Accounting Thought’. The Accounting Review. V.LI. No.3. July 1976. pp471-82. The article does not have an abstract – write an abstract of no more than 400 words. A short guide to writing an abstract is provided. ----Answered by Wenxin

The definition of accounting theory according to Coetsee (2010) is described in two different ways. The first philosophy concludes that accounting theory is a set of general principles that guide the evolution of accounting practice. The other philosophy describes accounting theory as activity of explaining and predicting accounting practice. What the viewer can see from the statement of the first philosophy is that the accounting theory exists before accounting practices meanwhile the latter states that the accounting practice exists before the theory. Since there are many arguments about this matter, many academic researchers have concluded that accounting theory can be divided into two categories which are positive and normative theory.

There has been a significant debate focusing on costs and benefits of adopting accrual basis of accounting over cash basis of accounting. This paper illustrates the concepts of accrual basis of accounting, highlights the benefits of accrual basis of accounting posed by its advocates and also briefly discusses the disadvantages of adopting accrual basis accounting. The paper also briefly discusses the recent accounting scandal of Tesco Plc. which showed that profits of the company were overestimated by approximately 250 million and resulted in suspension of eight employees as well as an initiation of investigation by Serious Fraud Office (SFO) UK. The paper finally concludes that the substantial risks and costs associated with accrual basis are yet to be justified to encourage its adoption.

This paper will go through few criticisms of our standard accounting model, look at possible alternatives and finally will provide a detailed

Literature on management accounting origin split in to two completely different categories. One that explains the development through what is called economic approach and the second through non-economic approach.

According to Oluwadare and Samy (2015) from the Canadian Social Science, Critical Accounting Theory is about understanding accounting in the context of its broad socio-politics, evaluating the accounting policies and practices that exist, and offering means of working towards more enabling accountings. It generally puts a focus on accounting’s role to keep those in control of particular resources in their positions while those without any capital to have their voices undermined or restricted. Critical theory advances beyond the rational view of the traditional functionalist in terms of accounting and accounting research. It aims to help in the disclosure of the accountability of organisations as well as increasing the environmental stability. This is theory is contextual, meaning it focuses more on political, economic and social consequences (Laughlin, 1999). It could be said that it is similar to corporate social responsibility, but it is actually beyond that as corporate social responsibility has a tendency to focus on the parties that can potentially be affected by the decisions of the firm, inadvertently ignoring minor parties, while Critical Accounting Theory wants to put the focus on society as a whole. In his research, Laughlin (1987) states that there are three relevant points of the critical theory for accounting research. Firstly, the critical accounting theory creates a link between theory and practice. Secondly, critique, change and

The Normative theory of accounting prescribes the accounting treatment and disclosure requirements for a particular scenario. Whereas, the positive accounting theory is a method which tries to explain and predict a particular scenario and the resultant accounting treatments an entity would adopt but does not prescribe a concrete set of rules or treatment.

This chapter begins by looking at the literature that will give considerable information about Management Accounting and the practices of Small and medium Enterprises, bringing out the interdependence and interrelation of one to the other.