Question: 1. Do you think that the so-called equity theories of accounting are really theories in the scientific sense? If so. how would, overclassify. them?
2. Why do you think the equity theories are less important today than they were, say, 30 years ago?
3. Four postulates (going concern, time period, accounting entity, and monetary unit) were discussed as part of the basic concepts underlying historical costing. Can any of the principles discussed under the same general category be deduced or logically derived from these postulates?