ne, Replacement Cost Accounting (Englewood Cliffs, New Jersey: Prentice Hall, Inc., 1973), p. 19.
8Committee on Concepts and Standards for External Finan cial Reports, American Accounting Association. Statement on Accounting Theory and Theory Acceptance. Evanston, Illi nois: American Accounting Association, 1977.
9R. D. Whitley, "The Possibility and Utility of Positive Accounting Theory," Accounting, Organization and Society XIII, 6 (June 1988): 643.
Peasnell stated that, in his view, it is "a major mistake to treat accounting as a science."10 He added that accounting "is not a science, it is a service activity."11
Acceptance of the proposition that the general purpose reporting principle is not valid immediately casts doubt on any contention that accounting should be perceived as a science. With different user groups demanding accounting data, which, at times, must be developed through the employment of opposing theory, the idea that some fundamental truths exist with respect to acco
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