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Research Project on Accounting Theory

Added on - 24 Feb 2020

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Accounting Theory1ACCOUNTING THEORYBy Students NameCode+Course NameProfessor’s NameUniversity NameCity,StateDate
Accounting Theory2AbstractAccounting relies on the existing theories. The basis of the research project onaccounting theory is to illustrate the effectiveness to financial accountabilities. We will lookon the major accounting domains such as auditing, financial accounting, managerialaccounting and tax operation strategies and the theories involved in stating accountablefinancial statements. Taking the federal government budget in relation to the banks we willexamine the budget and bank financial systems controls.
Accounting Theory3IntroductionAccountancy is science where financial transactions are recorded in a methodologicalmanner for efficient business status. Therefore, accounting theory is a logical explanationunder some guided principles that creates a framework on how accounting can be evaluatedand enables development of new procedures and practices. Accounting systems are guided bythese accounting theories with application of accounting knowledge and skills.In real life each and every one must have his or her own financial strategies to achieveutility satisfaction. The government plays a big role when it comes to economic growth anddevelopment as it creates the foundation of the currency flow in the economy.(Shahrokhi,2008)accounting starts from one individual for a reasonable financial status. Individualsmostly operates with banks by depositing their savings and also acquiring loans forinvestment whereby accounting plays a major role by ensuring a reliable and qualityaccounting information to meet a credible financial status. Government evaluations andoperations tend to rely heavily on accounting strategies to make decisions to stabilize theireconomy. (King, Beattie, Cristescu and Weetman, 2001)They set financial accountingstandards boards to deal with allocation of finances and also having firms to carry outauditing and financial managements with respect to accounting theories and principles on thegovernment revenues and expenditures. The government creates a platform by introducingsome basic education to produce accountants with sufficient practical experience equippingthem with adequate theoretical knowledge for a solid and sound reasoning when it comesfinancial matters in the economy.The federal government in Australia is an example of a governing institution withstrategies to reform their budget. Some of economic theories focuses on; Usefulness,
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