Answered: ‘Accounting is about describing the…

‘Accounting is about describing the past, reflecting faithfully what has happened. This should be dull business, better left to ‘b

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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‘Accounting is about describing the past, reflecting faithfully what has happened. This should be dull business, better left to ‘bean counters’. Surely counting beans can’t cause too many problems? (Please use your OWN Word around 500 words to discuss this statement, giving consideration to potential areas of subjectivity in accounting.

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