Accounting Theory Can Be Described As

question 10

Multiple Choice

Accounting theory can be described as:

• A) description, explanation or prediction of accounting practice based on observations and/or logical reasoning
• B) a set of facts, specific in nature, against which accounting practice can be evaluated
• C) being based only on observations
• D) being irrelevant to the development of new practice and procedures

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Definitions:

Past Century

Referring to the last hundred years from the current point in time.

Central Government

The political authority that governs an entire nation or country, as opposed to local or state governments.

Public Education

An education system that is provided by the government, funded by taxes, and is free of charge for the students.

Local Jurisdictions

Specific geographical areas and the governmental authorities that have legal power to govern and enforce laws within those regions.