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Accounting theory 5 the fasb conceptual framework project 8 the iasciasb framework 11 the asbs statement of principles 12 summary 21 recommended reading 21 questions 22 2 sources of. Financial accounting is charged with the primary responsibility of external reporting. Accounting theory and practice 5 markets, regulators and firms. Financial accounting theory notes accounting service industries. Understand the relationship between accounting theory and policy making. Class 11 accountancy notes chapter 2 theory base of accounting pdf. Bachelor of commerce is usually divided into 3 years or 6 semesters. We should also note that replacement cost and exit valu. If you are a class 11 cbse board student and looking to score well in accountancy, then you should always refer to basic accounting. The objective of accounting theory is to explain and predict accounting practice.
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