Critically evaluate the following statement: "Accounting has been created and developed to accomplish various desired objectives and, therefore, it is not based on fundamental laws or absolute precepts

Accounting Dec 16, 2020

Critically evaluate the following statement: "Accounting has been created and developed to accomplish various desired objectives and, therefore, it is not based on fundamental laws or absolute precepts."

Expert Solution

Accounting was created to accomplish business organization, evaluation, and to make decisions.

Accounting is based on fundamental laws of mathematics as demonstrated by its foundational equation which requires that the books be in balance. There are many aspects of accounting that are established by principles seeking uniformity among businesses, but there are a lot of different ways to account for what a business has that accountants use to help make decisions.

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