Tutorial Accounting Fundamentals: A New Look of British and American Accounting System

Nousheen Tariq Bhutta, Syed Zulfiqar Ali Shah

Faculty of Management Sciences, International Islamic University, Islamabad, Pakistan.
Higher Studies and Research, Faculty of Management Sciences, International Islamic University, Islamabad, Pakistan.

DOI: 10.4236/ojacct.2013.21004                

Abstract

This paper aims to highlight the perception of graduate and undergraduate students regarding accounting fundamentals across British system and American system. The design of this paper is to derive a unique model which proves the both approaches are in same sense however, they are framed differently. Moreover, it provides a good justification of basic questions like why income and expense are treated as credit side and debit side of trading profit and lossaccount, respectively. Ultimately, it helps educators/instructors in influencing the perceptions of their students with regard to different accounting systems.

Keywords

Accounting Fundamentals; American Accounting; British Accounting; Students’ Perceptions

Conflicts of Interest

The authors declare no conflicts of interest.

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