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Public interest theory of accounting is concerned with achieving publicly desired results which, if left to the market, would not be obtained. The main galvanizer of Public Interest theory is to respond to the demands from the general public in regards to correcting market inefficiencies (i.e. accounting inconsistencies between firms). However, it is difficult to meet demands from all people because competition between demanders is not formally acknowledged by the regulator.
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What are the similarities between public sector accounting and private sector accounting?
Both sectors of accounting system must keep everything organized very well. You also want to make sure that more than one person sees every piece of accounting paperwork.
Why does financial accounting have to comply with GAAP but managerial doesnt?
No Accounting standards have been developed for managerial accounting and it is so that because managerial accounting deals and use for internal purpose of management and do not concern with outside stake holders that's why it is on organizations decision that how they use managerial information. IFRS or IAS or GAAP are developed for financial accounting because financial information is required to be disclosed to general public and that's why it is for the benefit for the general user who don't know much about general working of entity so to make it helpfull these accounting standards are developed so that these general public can get information they required from financial statements of the entity easily.
What is floating island theory?
A theory, now discredited, that public vessels of any State were to be assimilated with the territory of that State while on the high seas. '[M]en-of-war and other public vessels. [Asad Khan Sodhar]
What is the public's interest and public's best interest?
The public interest is a decision making mechanism used by legislative bodies to develop and implement a policy that is supposed to benefit a majority of the people, or protect the safety of a minority group without negatively impacting the majority. Here the gainers gain is more than what the losers will lose. An example is health concerns for the minority as against economic advantage for a majority. To develop the public interest ensure that the issue is brought to the public to be voted on. Ensure the proper education of the people who are going to decide if it is in their interest on the issues. Ensure equal and appropriate representation in the selection of people to make decisions. Ensure that equal weight is given to all present so that we will feel they have been heard and their concerns taken into consideration even if they decision is not in their favour. Costs and benefits should also be brought into the decision making. Balance should be given to all competing views. In terms of the public's best interests, after a series of choices of decisions emerge for the public interest, then the one that trumps all of them is picked as the one in the public's best interest.
What show is funnier Big bang theory or The office?
Based on ratings, the public seems to think that The Big Bang Theory show is funnier than The Office.
How is accounting is said to be political in nature by analysing public interest theory with private interest theory?
Accounting is political in nature as final information from accounting reports has impact on the general public, whether it be a public or private company.
Accounting is political in nature analyze this statement by comparing public interest theory and private interest theory?
private n public..
Compare public interest theory with private interest theory?
Public interest theory of accounting is concerned with achieving publicly desired results which, if left to the market, would not be obtained. The main galvanizer of Public Interest theory is to respond to the demands from the general public in regards to correcting market inefficiencies (i.e. accounting inconsistencies between firms). However, it is difficult to meet demands from all people because competition between demanders is not formally acknowledged by the regulator. what is private interest theory then?
The theory that argues that group competition results in a rough approximation of the public interest in public policy is?
Pluralist Theory
What is the purpose of a financial accounting standards board?
The purpose of the Financial Accounting Standards Board is to develop (GAAP) generally accepted accounting principles in the US that are in the public's interest.
What is the purpose of the Financial Accounting Standards Board?
The purpose of the Financial Accounting Standards Board is to develop (GAAP) generally accepted accounting principles in the US that are in the public's interest.
Who is the central interest of accounting?
the central interest of accounting
What is the difference between 'Normative Accounting Theory' and 'Positive Accounting Theory'?
Normative theory is used to advise what methods should be used for accounting. Positive accounting theory explains and predicts accounting as it is currently happening.
What is nature meaning and elements of accounting theory?
Accounting Theory is defined as the study of methodologies and financial accounting principles. The Accounting Theory is continuously-evolving and changing.
What is Normative theory in relation to accounting?
Answer:Normative theory in accounting is theory about how net income 'should' be calculated. Positive accounting theory on the other hand is about observing/explaining and predicting accounting choices of firms.
What is an explanation of roots of accounting theory?
Roots of accounting theory can be found in either decision theory , measurement theory and information theory.
Essay for accounting theory?
Discuss; there is no one universally accepted accounting theory.
