Chapter 4, Problem 2Q

What are the different types of accounting theories, and how do they differ from each other? Discuss the strengths and weaknesses of each type of theory.

Who benefits the most from accounting regulation? Why?

what is the Judgement Traps in accounting?

Provide an example of a conservative accounting practice. Why is this practice conservative?

relationship or differences between Accounting and accountability?

Why do you think Accounting Standards are mandatory?

Which of the following is most closely linked to accounting conservatism? a. Lower-of-cost-or-market rule b. Materiality concept c. Disclosure principle d. Consistency principle

Explain what is meant by adverse economic consequences of new or changed accounting standards.

What is Fair Value Accounting? What are the factors contributing toward the trend of fair value accounting? How are the balance sheet and income statement affected by fair value accounting? Cite and give credit to the author that you are citing.