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Usefulness of Accounting Theory

The fundamental purpose of accounting theory, practice, and reporting is that accounting data, when saved in methodical ways, furnish information that is beneficial for making day-to-day and long-term business and monetary decisions. As the purpose of accounting is linked with making business decisions and planning, it is more of an externally focused procedure than the top management of any business concern will easily realize.

The fundamental theory that accounting makes available should be useful for major decision-making on behalf of the organization that will fetch a long-term benefit in terms of revenue and profit. Accounting theory and practice also recognizes that accounting is the backbone of an organization and that should be practiced staying within the legal, political, economic, and social environment as a whole. Each of these components has a direct and indirect influence on the organization and its monetary policy as a whole. So, it can be said that the fundamental theories of accounting say that accounting rules must be flexible enough to accommodate all primary and secondary aspects of business operation within its purview. That means it will keep the focus on all direct matters like manufacturing, sales, purchase, etc. within its purview as also other matters like retail profit, suppliers’ benefit, product return expenses within its practice too.

Assumptions in Accounting Theory

All accounting theories are based on four assumptions. These are the basic assumptions:

• The economic entity – It assumes that the business activities and the activities of its owners are two distinct matters.
• The Going concern – Here the accounting practice follows such a procedure that it is assumed that the business will run forever. In a situation, where it is found that the business is at any problem and experiencing loss, financial statements are prepared that will show the company’s assets are held at their net realizable values.
• The monetary unit – It tells users to denominate the financial statements in some in the prevailing currency form instead of any other basis.
• The periodicity –It helps to segregate the financial reporting system in periods that in turn helps the management to avail the report periodically that may be quarterly, half-yearly or annually.

Normally, GAAP adheres to historical cost and matching principles. According to the fast concept the company assets should be maintained at a historical price, and the second concept, the revenues, and expenses are maintained on an accrual basis, that means, the calculation should be on the current valuation.

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