Why do we need so many different theories in accounting Essay - 1

Why do we need so many different theories in accounting - Essay Example It is therefore essential that this information is recorded and reported in such a way that it holds value for all its users. In this paper framework for accounting profession including different accounting theories would be discussed. Furthermore, an illustration of different accounting treatment based on different accounting approaches is also made in this paper. The accounting profession is based on values and conceptual framework that has been developed over the years. This conceptual framework incorporates different well established theories and principles which determine the methodology for recognising, measuring and recording of the company’s assets and liabilities. The framework also allows logical reasoning for addressing different accounting and financial issues and provides guidelines for incorporating the information related to these issues in the financial records. This ensures that a uniform approach could be applied to different classifications of assets and liabilities and the information that has been produced and verified can be depended upon for decision making. An accounting theory defined as â€Å"a coherent set of hypothetical, conceptual and pragmatic principles forming a general frame of reference for enquiring into the nature of accounting†(Hendriksen & Breda, 1992) therefore could be suggested to provide the necessary concepts, framework, principles, procedures, rules and regulations. Another way of looking at accounting theories is that they allow predicting accountants’ behaviour and provide basis for coherent accounting treatment of assets and liabilities. There are numerous accounting theories suggesting that there is no single comprehensive of accounting. They could be categorized into three broad areas that are 1) those providing explanation of accounting practices 2) those providing forecasts or predictions of impacts of future

Declaration of Independence Essay Example | Topics and Well Written Essays - 500 words - 2

Declaration of Independence - Essay Example There is no big difference between the initial Declaration and the final version. Most of the wording was retained as it was in the initial document. Very minimal alterations were made on the document. In comparing Jefferson’s initial Declaration with the final version, it can be noted that most of the alterations made were on the wording in the document. This was more for the purpose of clarity than for alteration of meaning of the words in the Declaration. Of the draft presented to Congress, only two passages were rejected directly by Congress. One of the passages referred to the English people in an inappropriate manner which did not go down well with congress since even the Americans were of British roots. The other passage which denounced slavery and slave trade did not please Congress as many members owned slaves and were not willing to set them free. The alterations of the wording in the document was to give the document a more personalized feel as will be explained by the following examples. Some of the alterations for example at the start of the Declaration where the article â€Å"of† is changed to â€Å"by†, was intended to bring out the aspect of personalization. The alteration of the words â€Å"sacred & undeniable† to read â€Å"self evident† may have been done to avoid the statement a religious feel. Some alterations were made for grammatical purposes to avoid unintended meanings from statements. This is evident in the second paragraph where the article â€Å"in† was deleted before the word â€Å"rights†. It is clear from this example that inclusion of the article would have given the statement a different meaning that was not intended by the drafters of the declaration. Other alterations may have been made to correct human error as in the case where Jefferson deletes the words â€Å"he has dissolved† from the beginning of a line he was writing. It is clear that this was because he was repeating the previous line and on