Knowledge and philosophy are one of the key components for studying accounting. Knowledge is

Knowledge is something that we know that you have facts to back up to form your argument and is justified. Knowledge isn’t something that can be created overnight but something that we form over the course of life. I feel that being raised by my grandmother I gained a lot of knowledge and wisdom because she has years and experience over me and wouldn’t tell me anything to hurt me but to help me in life. We all learn from mistakes but with mistakes gain wisdom then knowledge. We don’t gain knowledge overnight but with growth we become more aware of our worldview.

Common sense is the knowledge of opinions and belief that people have in everyday life. However, it is something with no evidence to back it up. Common sense ideas are found through the struggles that people have lived through and so directly impact their opinions on certain subjects. Common sense ideas can be personal as everyone has a different outlook and opinion depending on background and experience. Taking the example of someone who is homeless. A common sensical thinker would think that they had become homeless due to not having a job or money. Common sense thinkers may also think that the reason for their homelessness comes from lifestyle, blaming alcohol and drug misuse or family for their predicament.

The knowledge of accounting concepts and terminology is useful to anyone in a business activity is due to the following reasons;

Accountants are relied upon to be trustworthy and maintain high ethical standards. It is because of the nature of the profession that puts them in a position of trust with people who rely on their professional judgment and guidance in making decisions. These decisions are extremely important in accounting and more so that companies that have high ethical standard or main good ethical culture spend enormous time to train the staffs about the conduct that is expected of them.

The question of how I know what I know is a question that is one of the most difficult I have encountered. Much of what I know is based on logic and thinking. This is where I may veer off of the Christian Worldview slightly. I believe that God has given humans the ability to reason and think logically, and I use that as much as possible. I think that He intended for us to use our minds to find what we believe to be true, hoping that people would seek God when seeing that He is the only real truth. Cosgrove (2006) makes a great comment on secular humanism and a person’s ability to find value, and in

Now, if I really want to go in depth with this particular topic, I could discuss the principles of accountancy. Accountancy is nothing more than the communication of financial information about a business entity to users such as shareholders and managers. This very process describes the profession and duties of an accountant, I would like to discuss a prime example of this later on in my essay. The principles of accountancy are applied to business entities in three divisions of practical art, named accounting, bookkeeping, and auditing. According to history, early accounts served

To over view the knowledge we learnt from accounting theory and practice, the main thing I can conclude that is the tendency of accounting will shift away from technical way to people’s behaviour way. By understanding what should do, we should ask why and how we could improve and change it into a better way. This essay aims to explain how the theoretical material that we learn in lectures can be developed under a real practical manner.

If the term common sense were to be looked up in the dictionary, the definition would state the ability to think and behave in a reasonable way as well as make good decisions. This raises a lot of questions and diversity in society due to the question; how does one gain common sense? I believe it is a blind instinct, which cannot be studied; it is a second nature that expands throughout the stages of life.

There are four different sources of knowledge: perception, introspection, reason and memory. All our knowledge roots from our perception. Perception is the way humans sense the world outside the body. We perceive through our five senses: see, hear, smell, taste, and touch. Humans gain knowledge through experiences and experience through perception. Usually we can trust our senses to perceive our surroundings effectively but there are times we misperceive. Illusions, hallucinations or impediments of the accurate flow of information to our senses are examples of misperceptions. For example if someone hits their head causing their vision to blur or impedes them from effectively processing what occurring around them, then they shouldn’t trust their senses. Another example would be an anxiety attack causing a signal of threat to the brain also preventing the person from correctly processing their surroundings. If nothing can prove we are misperceiving then we have good reason to be believe our senses.

There are two main schools of thought, or methods, in regards to the subject of epistemology: rationalism and empiricism. These two, very different, schools of thought attempt to answer the philosophical question of how knowledge is acquired. While rationalists believe that this process occurs solely in our minds, empiricists argue that it is, instead, through sensory experience. After reading and understanding each argument it is clear that empiricism is the most relative explanatory position in epistemology.

Induction process : A process where we observe a specific phenomenon and on this basis we arrive at a general conclusion .

When determining and defending the use of a particular ethical system within the confines of a profession, it is important to evaluate the system in terms of the professional culture as well as the expected professional conduct laid out within the vocation itself. The accounting profession has been evolving for thousands of years. Early accounting records date business transactions back as far as third century B.C. (Schroeder, Clark, & Cathey, 2009). Early record keeping was for internal purposes and as societies and economies expanded, it became important to maintain records for external purposes as well. According to Schroeder, Clark & Cathey (2009), by the ninetheeth centruy, bookkeeing expanded into accounting (p. 3). From this time, it has been the duty of the accountant to serve the public interest and the profession has been culitvated into an organizational culture with professional norms and standards constantly taking shape in an effort to complete an all-inclusive conceptual framework.

It has been become an issue of great concern that the accounting profession must find a common theory in order to address and put the issue at rest. This therefore, has called for the study of this topic under review “the demand for and supply of accounting theories: the market for excuses. As a result of this several questions have been raised. For instance, the question of why accounting theories are predominantly normative has been put forward by this article? Secondly, why no single theory in accounting profession that is generally or widely accepted? It has been argued that the financial accounting theories have been found to be ineffective most especially in the area of impacting accounting practice and policy, though, this has been

Accounting is the language of business. It is a profession that is being guided by principles, concepts, conventions, laws, etc. All these fundamental building blocks serve as common and general compasses to all practitioners of the profession. In some cases, they are nation-wide tailored, while in other cases, they are universally tailored. Accounting as a living, practical, dynamic and realistic profession covers so many areas of social, economic (business), and governmental activities. Surely, any endeavour that involves monetary and material activities create a room for the services of Accounting. Many of the human endeavours for which the accounting profession plays significant (some times inevitable) roles include; Banking, Insurance, Manufacturing, Farming Contracting, Oil and Gas, Mining, Transportation (Air, Land and Sea), Educational Institutions, Churches, Ministries, ICT, Hire Purchase, Local Government Authorities, Estate Businesses, Export and Import Businesses, Bill of Exchange Transactions, Royalties Transactions, Consignment Transactions, Stock Market Transactions, Sports, Entertainment, Hospitals and Hospitality Industry, etc.

An important function of the accounting field is to provide external users of financial statements with assurance that the financial information being presented is both reliable and accurate. This basic function of accounting is so important that there is an entire field of experts, called auditors, dedicated to assuring its proper performance. Throughout history there have been many instances in which the basic equilibrium between an institution and current/potential investor has been threatened due to a lack of accountability and trust between the two parties. This issue has been the catalyst for many discussions regarding the proper procedures a firm should follow in order to provide