Question - Think very broadly about accounting, its societal role, and its underlying premises, then provide a general answer to each of the following.
(a) What is the role of accounting in society?
(b) Is accounting complete? Does it provide all of the information that investors and creditors need for rationale decision making?
(c) Consider an intrinsic principle of accounting, such as the historical cost principle. Are the underlying principles and assumptions of accounting immutable truths, or is there some degree of arbitrariness that is apt to evolve over time?