Financial Accounting Theories Essay
This essay sample is based on Financial Accounting Theories for Singapore students. Here we will cover What are Financial accounting theories? , Different Types of Financial accounting theories, financial reporting, Elements of financial accounting theories, etc.
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Financial Accounting Theories Essay is a topic that Singapore students should be aware of. If they want to download this essay and have custom-made essays for their needs, then our experts are at hand!
Introduction- Financial Accounting Theories Essay
If you are a student of Accounts, you would agree that Financial accounting theories play a crucial role. As such, it is one of the most important parts of accounting if not the most important part.
Moving on, in this sample essay, we will be focusing on “Financial accounting theories” as suggested by the title. If you are a student of finance, we recommend you to visit our website where you can find several other essay samples related to the topic of Finance.
Nevertheless, here we shall be discussing this concept in detail to provide a clear picture to the reader. We will be dividing this essay into different sections for a clearer view. So without further adieu:
Main body- Financial Accounting Theories Essay
What are Financial accounting theories?
This accounting theories refer to assumptions, methods, as well as frameworks that are used in the application of financial reporting and also studying them. The accounting theories’ study consists of reviewing accounting practices’ historical foundation. Along with that it also concerns changes in the regulatory framework of financial statements and reporting.
Moreover, all accounting theories follow a conceptual framework. Financial accounting Standards boards or FASB are responsible for providing these frameworks. FASB is an independent authority that is concerned with providing guidelines and defining the main objectives of financial reporting.
Different Types of Financial accounting theories
There are several different concepts and types under financial. Here we shall be looking at them. So different concepts and theories are as mentioned below:
- Business entity concept
- Money measurement concept
- Accounting period concept
- Cost concept
- Going Concern Concept
- Dual aspects
These are some of several concepts or assumptions under the financial accounting theories. Moreover, these may also be referred to as GAAP. GAAP translates to Generally accepted accounting principles.
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The term “financial reporting” is the practice of providing stakeholders with information regarding the company’s finances. These include Cash flow. profits, capital usage, expenses, and so on. Along with that, it also concerns providing a formal record regarding financial information and insight.
Moreover, the exact purpose and use of financial reporting may differ from organization to organization, the general reason is always the same. The International financial reporting standard or IFRS says that the aim of financial reporting is: “to provide financial information regarding the reporting to concerned persons”. These concerned persons include investors, lenders, and so on. It is said that they can affect decisions concerns the buying, sell, as well as holding the debt and equity.
Moving on, this was the basic overview of financial reporting which is an important rather most important part of this theory,
Elements of financial accounting theories
Here we shall be looking at the key elements of accounting theories. These elements are responsible for making accounting theory a relevant framework. So without further adieu”
This accounting theory is important to understand if you want to be successful in the business world. Understanding these theories can help you make better decisions and achieve your goals faster. Whether it’s understanding the principles of cost-basis, matching principle, or other accounting concepts, knowing how they work will allow you to use them for success.
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