In this article, we will discuss what are the benefits one can enjoy if accounting theories are learnt i.e. Advantages of Learning Accounting Theory.
Advantages of Learning Accounting Theory
1. By learning accounting theory one can knew the basic reasons behind all accounting practices.
2. An accountant with sound knowledge of accounting theory can not only understand his job better but also can make others understand the same in a better way.
3. There are many processes of practical accounting. A single process cannot be applicable to all cases. If the accountant knows the accounting theory better, he can easily select the correct process of accounting applicable to a particular case.
4. There may be many defects in the accounting system of a concern. If the accountant has got significant knowledge of accounting theory, then he can easily help the management for locating and rectifying the defects.
5. An accountant having sound knowledge of accounting theory is in a position to provide successful information to the management for taking critical and strategical decision.
6. Valuation of assets and liabilities can be done more accurately if the accountant has a perfect knowledge of accounting theory.
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