THE NEED FOR ACCOUNTING PRINCIPLES.
Abstract The article discusses the need for accounting principles. The income statement for any given period should reflect all revenues properly given accounting recognition and all costs written off during the period regardless of whether or not they are the results of operations in that period. The wide distribution, of corporate securities, the inability of the vast majority of investors to judge the value of their investments by any close-range view and their dependence upon information contained in published financial statements, has placed a responsibility upon the accountants to which many of them have not yet become adjusted. According to the author, procedures so generally followed among accountants as to constitute substantial precedent are not always fundamentally sound. The extent to which a particular practice is generally accepted is hard to measure. Those who depend upon precedent are usually content with finding a number of cases to support their position without substantial effort to ascertain the extent to which other practices are followed.
- DOI
- 10.2308/tar-7076612
- Volume
- 12 (1)
- Pages
- 30-37
- Language
- en
- Export
- BibTeX
- Sources
- openalex crossref