Problem
Davis, Menon, and Morgan suggest that four successive metaphors or "images" have shaped our thinking over the past 60 years with respect to financial reporting: accounting as an historical record, accounting as a mirror of economic income, accounting as an information system, and accounting as an economic commodity
Required:
a. Who are the users implied by each of the four metaphors?
b. Which metaphor to mes closest to the FASB's view and why?
c. Which metaphor best characterizes the agency or contracting perspective on the role of accounting data?
d. Based on the review of financial reporting from the early 1900s onward, orie can certainly argue that the structure and the substance of accounting is much the same today ash was then.> If so, what might this suggest regarding the usefulness of financial reporting, and how is it also consistent with the empirical studies reviewed in the chapter?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.