Multifaceted Perception

Introduction

Accounting is believed to be a language of commerce, which is utilized for communicating information regarding any organization. Accounting communicates the outcomes of business operation to different interested parties who have some curiosity in the business. Accounting can be observed as different things within different individuals. People who are concerned about accounting are mostly investors, stakeholders, employees, and government. Accounting reports are conducted by rules and regulations; however, they can be influenced by the user to look satisfactory. Some people believe that this accounting discipline has no knowledge base. For those who are seeking to delve deeper into this complex space, exploring avenues such as business dissertation help can provide the most valuable assistance in navigating the intricacies of accounting practices and theories. Unlike other disciplines such as healthcare or teaching profession, there are certain theoretical knowledge bases which support them, while accounting had no specific knowledge base and had grown through time. Accounting concept can be described as supposition to explain the subject.

The argument in Favor of the Statement
Background of Accounting Theory

To understand the statement, first, there is a need to know about how accounting has developed. Accounting has been around for centuries. Accounting is as old as the development of the concept of money. Nevertheless, the act of accounting was not as developed as it in present days. Accounting in traditional times was just trained to generate accounts and keep the typical maintenance of books. This was ok for the initial time, but with the development of society and growth in population, the business and organizational affairs become complex with different complicated transactions. This has made accounting much formalized. The contemporary system of accounting is subject to the principles of double-entry system which was developed during 1494 in Italy. Although the art of accounting is performed for a long time, in the late 30s the study of the subject has taken up seriously. In this context, it can be stated that there is no theoretical framework throughout the initial years of accounting. This indicates that there are many loopholes in accounting and organizations exploit them for individual benefit. The work of accountants is like journalisms where they require only to report the happenings, but cannot make them. Therefore, it can be stated that there is no knowledge backing in accounting.

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Accounting has developed through time and was in effect an assortment of backgrounds, which were not necessarily comprehended. The conceptual framework of accounting was first appeared in the mid-1970s in America by the FASB. The UK typically rejected this framework, but ultimately increased number of nations followed the thought of America. In the year 1989, IASC developed a shortened conceptual framework for development and presentation of financial reports. In the year 1991, the UK started their initiative in accounting and finally developed a statement of principle. However, the principle was rejected, and afterward, in the year 1991, an ultimate document on accounting was issued. The actual and just perspective of accounting is generated in published accounts. Such a perspective seems to be an opinion where accountants are believed to follow the principles. The actual and just perspective of accounting is hard to describe but can be regarded as a depiction of accounts which are generated decently, according to accounting standards and are free from prejudice. The actual and just perspective is generated to make financial information true and fair but has many issues in understanding it.

Concept of Knowledge

To understand if there is knowledge base in accounting, there is a need to have a clear understanding about knowledge creation and creation of theory. The concept of knowledge is regarded as epistemology. The diverse sources of knowledge are highly challenging. It is utilized to develop realism. Hence, it is important to observe where knowledge is derived from.

In any discipline, knowledge can appear from different sources, for example, instinctive knowledge, which is based on instinct, faith, and belief. This kind of kind of knowledge is developed by the sentiments of people, rather than experiential facts. Strict knowledge is based on information obtained from different sources such as books and articles and reports among others. Rational knowledge, on the other hand, is subject to the creation of new knowledge by using sound intellect and experiential knowledge is dependent on unbiased facts. However, in accounting, there is no such knowledge base as it has not originated from instinct or reports or sound reasoning or unbiased facts.

Accounting as a Discipline

Accounting is done for understanding the meaning of the amount of count. On the other hand, it can also be said that accounting is the way of referring numerical manner of reporting for getting a certain amount of antecedent procedures (Fogarty, Zimmerman and Jonas, 2017). However, it was noticed that the transaction decision results are usually taken out by the enterprise management. With the help of this medium, the comparisons can be made among the quantitative elements. Along with this, it also helps in regrouping the data to its larger forms.

It is the use of actions for bringing out the needs of the common people. Even getting all the required materials for acquiring the people’s trust, accounting still lacks behind because of its no link with knowledge. Accounting doesn’t provide knowledge to the people. Due to this reason, it creates a gap in its process of working. It was noticed that there was an urge for knowledge in this scenario. Accounting has increased its ability to grow and organize in a better manner, but it lacks in providing knowledge through its means (Schaltegger and Burritt, 2017). Therefore, it can be said that due to this absence of knowledge, accounting is lagging in today’s world. There is an urgent need to overcome such shortcomings for improving the status of accounting.

Lack of Knowledge in Accounting

Having all the basic essentialities, accounting can broaden his boundaries in this modern generation. However, due to the lack of knowledge in accounting, a blockage is created, which was seen hampering the future of this matter. Society is somewhat related to accounting in the case of stakeholders, shareholders, employees and the government (Paiva Azevedo et al., 2017). Accounting is used for influencing the required tools by the wants of the people. On the other hand, it was noticed that accounting is seen backing off because of its limitations. It is not capable of performing well in science and technology matters. Due to this reason, accounting was stated as a matter that has no base of knowledge in spite of its evolution over the years. Therefore, it can be stated that in one hand where accounting has some discipline, on the other hand, it lacks in delivering knowledge. In the history of accounting, it can be noticed that knowledge was an important issue for increasing the demand of that thing. It is used as a theory, but it is seen applicable in some cases (Barth, 2015). Accounting is ob

matters or business issues. Therefore, it can be understood that due to lack of knowledge, accounting is getting highly affected in this competitive world market. It was also noticed that it creates trouble in the financial matters of the companies. The companies are sometimes affected by such matters of knowledge. In some recent studies, it was noticed that no substance could progress itself without the help of knowledge. Knowledge is a required element for every issue of accounting (Riahi-Belkaoui, 2017). Consequently, it can be stated due to its limitations in knowledge, accounting is getting affected in the world market and this, in turn, negatively impacts the global business management.

Conclusion

In this essay, the main focus is on the argument in favor of the statement “There is No Knowledge in Accounting.” From the above discussion, it was observed that due to the lack of knowledge in accounting, the subject matter is getting highly affected in the competitive market. In today’s world where the competition is high, accounting also creates a barrier in the path of success of the business organizations. People believe that accounting has discipline, but such discipline does not have any knowledge in between. In the ancient days, it was observed that the concepts of accounting were rejected due to its weakness and old version. Later on, after the coming up of new and modern methods, the methods were used by the people. However, it can be stated that in spite of having many advantages, accounting is having lacking behind because of its limitations that arise due to no knowledge.

References

• Barth, M.E., 2015. Financial accounting research, practice, and financial accountability. Abacus, 51(4), pp.499-510.
• Fogarty, T.J., Zimmerman, A. and Jonas, G.A., 2017. Is accounting an applied discipline? An institutional theory assessment of the value of faculty accounting-related work experience in the academic labor market.
• Paiva Azevedo, Y.G., de Araujo, A.O. and de Medeiros, V.C., 2017. Knowledge, Skills and Attitudes Developed by Accounting Students Through Project Based Learning. CONTABILIDADE GESTAO E GOVERNANCA, 20(1), pp.153-174.
• Riahi-Belkaoui, A., 2017. The Problematics of the Production of Knowledge in Accounting.
• Schaltegger, S. and Burritt, R., 2017. Contemporary environmental accounting: issues, concepts and practice. Routledge.
• Spies-Butcher, B. and Bryant, G., 2018. Accounting for income-contingent loans as a policy hybrid: politics of discretion and discipline in financialising welfare states. New Political Economy, 23(6), pp.768-785.

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