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Topic 1 - Coggle Diagram
Topic 1
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Accounting Theory
The purpose of developing accounting theory is to explain traditional financial reporting and provide the basis for those practice developments.
Also an accounting standard was by developing a conceptual (theoretical) structure that would lead to more uniform treatment of related products, accounting standard setters have attempted to resolve the inconsistency issue.
Other than that, accounting theory is largely a modern concept because accounting has always been defined as a system of procedures that have been formed rather than through conscious and structured analysis in response to practical needs
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