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

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Knowledge and philosophy are one of the key components for studying accounting. Knowledge is created when you have gathered facts and information. As suggested by Arrington & Schweiker (1992) ‘nothing counts as knowledge until it is argued before and assented by a research community’. This means that when new knowledge is created, it is always undergoes an enormous scrutiny by peers, so that it is nearly perfect. Kuhn (1970), Davis (1971) and Collins (1985) also suggest that any knowledge should be easily accessible by the public e.g. the users of accounting or accountants themselves. To obtain knowledge we have to make some observations. These observations are then transformed by the process of induction into laws and theories.…show more content…
One way is through the acquiring certain skills that you already possess or can learn to possess these skills. Another way to know something is through understanding something. Common sense is also a way of knowing something because you are judging something based on previous information. However this source is very limited. For example if you have limited knowledge on something then it could lead to poor judgement. Common sense also relates to idea of evidence because if your knowledge is weak then you seek confirmation. However if your knowledge is strong then you seek validity and verification. There are 5 main ways of obtaining knowledge. The first source of knowledge is perception (Morgan 1988). This means that the knowledge gained is through the means of our senses. The second source of knowledge is through feelings. However there are some flaws with this source of knowledge, one flaw being that feelings cannot describe things accurately enough, which means that the knowledge gained through this way, may not be very reliable. Memory is a source of knowledge because we can always recall our past events to help aid us in forming new knowledge. Faith and intuition are also sources of knowledge are very minor sources as they are very problematic. The process of knowledge is through observation, theories and explanations. Theories are first created by observing something. This leap from observing to creating theory is known as the process of induction. Inductive
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