Knowledge and theory are embedded across the study of accounting Essay

Knowledge and theory are embedded across the study of accounting - Essay Example Secondly, the concept of accounting is also defined as a strong social dynamism, which substantially helps organisations to build strong sustainability by delivering transparent view of the financial records to the societies, organisations and people surrounding to it (Kennedy, 2011). In relation to the continuous evolution of accounting theories and practice guidelines, organisations in the present globalised business environment are highly focused on complying with a specific set of accounting principles in order to conserve reliability and validity of the financial records (Kennedy, 2011). Therefore, with this concern, the essay intends to critically explore the statement â€Å"Knowledge and theory are embedded across the study of accounting.† The discussion of the essay reveals few of the major accounting theories and principles employed by the organisations in the contemporary business phenomenon. Over the years, scholars have been intrigued by different concepts and disciplines and have been engaged in expressing their views in the form of study. In this regard, several scholars have contributed their efforts towards the study of accounting. These studies are considered to be of prime importance for myriad reasons. In addition, the study related to accounting has been considered as an attempt towards explaining the various reasons and logic behind certain accounting practices. The studies are further considered to be extremely important as the accounting standards are framed and developed with reference to these studies. The study on accounting involves sound reasoning of various practices as well as it deals with the examination of pros and cons in accounting practices. The importance of the study of accounting can be thus related with the effectiveness of the current accounting standards and guiding principles espoused by the