The document discusses accounting as a field that identifies and measures the costs and economic impacts of a company's operations. It notes that accounting theory should be based on logical reasoning and guidelines should be flexible to examine situations from different perspectives. Key branches of accounting include financial accounting, managerial accounting, cost accounting, and auditing. The document also mentions positive accounting theory which aims to explain how financial information is affected, analyzed, and communicated.
The document discusses accounting as a field that identifies and measures the costs and economic impacts of a company's operations. It notes that accounting theory should be based on logical reasoning and guidelines should be flexible to examine situations from different perspectives. Key branches of accounting include financial accounting, managerial accounting, cost accounting, and auditing. The document also mentions positive accounting theory which aims to explain how financial information is affected, analyzed, and communicated.
The document discusses accounting as a field that identifies and measures the costs and economic impacts of a company's operations. It notes that accounting theory should be based on logical reasoning and guidelines should be flexible to examine situations from different perspectives. Key branches of accounting include financial accounting, managerial accounting, cost accounting, and auditing. The document also mentions positive accounting theory which aims to explain how financial information is affected, analyzed, and communicated.