This article focuses on various limitations suffered be the discipline of accounting. This discipline suffers in many ways from the inability to devise, deduce, or build a general theory on which to base the many necessary lesser theories for specific events, operations, organizations, etc. Until this general theory is produced we will continue to operate with the variety of theories which cannot be interrelated or fitted to any one framework of accounting in a logical fashion. This article is an attempt to open the door far enough to permit a little light to be thrown on these matters in the hope that we might proceed a step further towards a general theory of accounting. Over the years two main concepts, the proprietary concept and the entity concept, have been discussed and there have been occasional appearances of refinements, modifications, and alternatives reflecting slight variations in viewpoint. Those who hold the proprietary concept perceive the firm as being owned by a sole proprietor, a set of partners, or a number of shareholders. The entity concept, like the proprietary concept, is a viewpoint, an attitude of mind and it, too, is not confined to accountants.