Part A (1000 words)
Watts and Zimmerman’s ‘The Demand and Supply of Accounting Theories: The Market for Excuses’ suggested the ‘normative’ project of accounting academics and other social critics of corporate accounting practice to be invalid; that there are no objective grounds in accounting theory for judging accounting practice as ‘good’ or ‘bad’; all such judgements are mere excuses or apologies for advancing the interests of particular social constituencies, couched in a language of academic impartiality and objectivity.
Tony Tinker [Policing Accounting Knowledge: the market for excuses affair] has suggested that the positive accounting theory proposed by Watts and Zimmerman is being replaced by a new paradigm: one that emphasises usefulness, vocational training and practical application.
Contrast ‘normative’ theories with ‘positive accounting’ theory. Have we moved to a new paradigm and if so what is it.
Part B (1000)
Consider the concept of historic cost and discuss the following questions
q The historical cost model and its application
q The reasons for the dominance of the historical cost model, and the arguments against the model
q Historical cost valuation issues, and the equity perspective adopted
q Criticisms of historical cost accounting.
Mind Map
Part A (50marks)
Assessment criteria
1000 words max.
Excellent
(HD)
Very Good
(D)
Good
(C)
Satisfactory
(P)
Unsatisfactory
(F)
1. Introduction (5)
2. Body/Discussion (15)
Critical evaluation of topic
3. Conclusion (5)
4. Examples (5)
6. Referencing, citations (5)
7. Evidence of reading, quality and quantity (10)
8. English expression, coherence, grammar and spelling. Logical flow of ideas (5)
Part B (50marks)
Assessment criteria
1000 words max.
Excellent
(HD)
Very Good
(D)
Good
(C)
Satisfactory
(P)
Unsatisfactory
(F)
1. Introduction (5)
2. Body/Discussion (15)
Critical evaluation of topic
3. Conclusion (5)
4. Examples (5)
6. Referencing, citations (5)
7. Evidence of reading, quality and quantity (10)
8. English expression, coherence, grammar and spelling. Logical flow of ideas (5)
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