Accounting for Decision Making

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Accounting for Decision Making
BAAM5013 (2014/1)
INDIVIDUAL ASSIGNMENT
GROUP MEMBERS
THURGA CHANARAN
MC1309MC0003
MOGANALETCHUMY CHELLIAH
MC1401MC0003
MOHAMED FATHI A ABOULHOUL
MC1401MC0013

Assigned By: Prof. Mohd Khir Ashari

QUESTION 1
(a) Accounting Theory is variously described as setting out ‘postulates’, “principles” and concepts’. Is there difference between these terms, or is this just a matter of semantics?
Accounting is generally termed as the language of business throughout the world. The language is the means of communication of ideas or feelings by the use of conventionalised signs, gestures, marks and articulated vocal sound. In the same way, the accounting language saves as a means to communicate matters relating to various aspects of business operations. As the individual business enterprises keep their accounting records separately, the offer to communicate is essentially from a business enterprise to various individuals, groups and institutions that are having interest in the operations and results of that enterprise. Now, although accounting is generally recognised with the business, trade and profession, the business enterprise is not the only kind of organisation that makes use of accounting. Legal entities ranging from individual to governments use and prepare accounting to obtain information on the financial condition and performance of the entity in question. Just as the business enterprises (like firms, companies, societies and institutions keep their accounts, so can the nations and even the individual owners of the business and profession entities.
It is necessary to have a good knowledge of accounting-grammar (in the shape of construction of accounts, conventions, concepts, postulates, principles, standards etc.) to interpret accounting information for purposes of communication, reporting, decision making or appraisal.…...

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