Essay: The Need of Accounting Theories

Sample Essay

The need of theories for any subject is significant as it provides the basic knowledge of that subject’s framework. Accounting is a rather practical subject requiring implementation of practical techniques in order to present the financial activities of a business. What is the need for theories then on might ask as skills in practical application are usually developed and enhanced more effectively through practical experience. Accounting theories provide the basic groundwork necessary to carry out practical application of various aspects of the accounting process.

Accountants cannot properly manage financial transactions before completely understanding the underlying theories. These theories help accountants in acquiring logical knowledge about the application of various techniques into accounting procedures. As an example if an engineer does not have knowledge of a specific machine or engine it would be impossible to operate or manage it appropriately. Similarly, if an accountant is not well versed with the theories, concepts and principles of accounting it would be impossible to perform and evaluate accounting functions appropriately.

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