Elements and Structure of Accounting Thought: A Conceptual Approach

Abstract

This study seeks to discuss accounting theory’s elements and structures using a conceptual approach, and it also emphasizes that accounting theory/thought is only useful when exemplified. The purpose of this work is to understand the divergent interpretations many scholars have given to accounting theory, its elements, structures and conceptual framework. In pursuance of the foregoing objective, relevant research data were generated using internet sources, journal articles and literature reviews. The study revealed that accounting theory’s elements, structure and conceptual framework are the basic foundations of financial reporting practice. This paper therefore, enjoins accountants and other financial experts to always exemplify the accounting theory’s elements, structure and conceptual framework they have painstakingly studied and understood. The knowledge derived from this work will assist financial experts and corporate managers in tackling the various financial frauds that have bedeviled the corporate world.