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Discussing Policy and Consequences

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Please address the following questions:

1. What are the additional relationships between policy and consequence?
2. How are accounting principles incorporated into policy and practice?
3. Is accounting an "objective" profession? Why or why not?

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Solution Summary

In just under 330 words, the concepts of accounting and policy are discussed. This solution is concise and straight-forward, providing some good initial ideas on this topic.

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1. What are the additional relationships between policy and consequence? (1-2 paragraphs)

Accounting policy defines the accounting treatment and reporting requirements. It should answer the needs of evaluating accounting rules and principles, financial statements and disclosures and management control and analysis. An entity should implement a new accounting policy if it is judged more appropriately to the entity’s particular circumstances than the present accounting. Thus these consequences provide feedback to improve and update the accounting policies. However we should ...

Solution provided by:
Umut Oltulu, MBA
Education
  • BSc, Dokuz Eylul University
  • MBA, Texas A&M University-Kingsville
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