Rodney C Wolff Michael Falta (School of Economics and Finance, Queensland University of Technology)
Abstract
We review and simultaneously introduce a convenient statistical concept for the mathematical representation of the Statistical Activity Cost Theory (SACT) introduced by Willett (1987 and 1988). Further, we discuss, and present a critique of, a variety of statistical models with respect to long debated accounting problems, such as the allocation of joint costs and depreciation. We finally propose that taking the effort to combine those models results in a novel statistical accounting system and this is discussed by means of the so-called virtual firm. As it has been shown that any statistical model discussed here outperforms associated deterministic counterparts, this review presents promising outcomes and useful perspectives for the accounting profession.
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Publisher Info
Paper provided by School of Economics and Finance, Queensland University of Technology in its series Rodney Wolff Papers with number
2006-7.
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