The paper 'Issues in Management Accounting' is a wonderful example of a Finance and Accounting Assignment. According to Mckeown (2014), innovation is considered as a research topic for its nature to develop new products as well as Innovations. Technology is put in test in the innovation field, with, many technological advancements and discoveries all emanating from the widely diverse field of innovation. Many scientists opt to research innovation since that is the only unexplored area where many discoveries made. Every scientist bid in research aims to discover or invent new advancements in the fields they specialize in (Mckeown, 2014).
However, innovation is the backbone of all technological advancements, all key and new discoveries that the world has ever made. As Mckeown. (2014) asserts, it is under innovation research that new development and also continued advancement made. All firms, companies, and other business-oriented entities adopt the innovations as they are the wealthiest aspects of businesses making more advancements in revenues allocations. In the modern age, the advancements in technology that form the baseline of the innovations are the key makers of business advancements in many companies in the modern world.
Innovations drive businesses, so many businesses and other enterprises are more conversant with it and making it more important than others (Mckeown, 2014). Researchers on innovations are more considered and adopted by many scientists as the core driver of future technology discoveries. Question 2. The Role for Theory Development According to Hippel (2005), accounting theory is a definite and direction principle, which sets out the regulations of all accounting basics in the economy. There are several accounting principles in existence, for instance, the United States and some of the Latin American populations use the accepted accounting principles, (GAAP).
This principle is critical in all accounting and financial reporting systems as it sets out the best requisite accounting basics the similarity account for all the financial transactions of any given company (Hippel (2005). In other words, the accounting theory in existence helps the accounting principles become more transparent as well as open in their reporting. Hippel (2005) ascertains that accounting theories are usually framed to analyze accounting practices. Whenever any company conducts either internal or external auditing, the accounting methods are monitored by the accounting method, the accounting theory acts as the overseer in assessing the accounting practices shown in all companies as well as other reporting structures (Hippel, 2005).
The method monitors the accounting practices majorly in macrostructures, such as the country economy movers. According to Sharma (2008), accounting theory is based on sound reasoning, and therefore, it is more scientific. The accounting theory majorly encourages the application of reasonable thinking while making accounting decisions as well as other related thinking. The theory discourages the issue of the accepted principle while resisting the efforts to supply the set rules communally.
The importance of the theory is that majorly the accounting practice is made more practical, with critical thinking formally adopted in the accounting theory practice. The theory, in this case, helps one identify the business potential and the amounts of profit and losses of a company (Sharma, 2008). The theory, in this instance, encourages the use of all the commercial properties of any business. This move helps monitor the financial progress of the company.
Griffin, R. (2008). Fundamentals of management. Boston: Houghton Mifflin Co.
Hippel, E. (2005). Democratizing innovation. Cambridge, Mass: MIT Press.
Mckeown, M. (2014). The innovation book: how to manage ideas and execution for outstanding results. Harlow, England New York: Pearson.
Qin, Z. (2009). Introduction to e-commerce. Berlin London: Springer.
Sharma, D. (2008). Foundations of IT. New Delhi: Excel Books.