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Some Conceptions And Misconceptions On Reality And Assumptions In Financial Accounting


  • Stanley C. W. Salvary


This paper addresses two problematic issues arising from the importation of terms into financial accounting: (1) the nature of economic reality; and (2) the role of assumptions. These two issues have stirred a lot of controversy relating to financial accounting measurements and affect attestation reports. This paper attempts to provide conceptual clarity on these two issues.

Suggested Citation

  • Stanley C. W. Salvary, 2005. "Some Conceptions And Misconceptions On Reality And Assumptions In Financial Accounting," Microeconomics 0502006, EconWPA.
  • Handle: RePEc:wpa:wuwpmi:0502006
    Note: Type of Document - wps; pages: 22

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    References listed on IDEAS

    1. Hicks, J. R., 1969. "A Theory of Economic History," OUP Catalogue, Oxford University Press, number 9780198811633.
    2. Davidson, Paul, 1972. "Money and the Real World," Economic Journal, Royal Economic Society, vol. 82(325), pages 101-115, March.
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    More about this item


    Economic reality; audit opinion; Savings and Loan Associations; aggregative analysis; planning data; simplifying assumptions; going concern; liquidating concern; realization.;

    JEL classification:

    • D1 - Microeconomics - - Household Behavior
    • D2 - Microeconomics - - Production and Organizations
    • D3 - Microeconomics - - Distribution
    • D4 - Microeconomics - - Market Structure, Pricing, and Design

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