AN INTRODUCTION TO

ACCOUNTING THEORY ACCOUNTING AND AGENCY THEORY

1 ACCOUNTING AND
AGENCY THEORY
LEARNING OUTCOMES
After completing this chapter, the reader will be able:

• (a) to explain what agency theory is,

• (b) to evaluate any statement as being one of fact rather than of opinion and
vice versa,
• (c) to understand the differences between a theory, a theorem, a postulate, a
hypothesis and a law,
• (d) to appreciate the need to surface assumptions when appraising statements of
any kind.

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