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Accounting is blind without theory. What is theory of accounting ??? The theory of accounting is purely based on practical rules , principals without knowing which, one cannot take single step. One must have good of accounting principles (say RULES of Debit and Credit) which are the back bone of all accounting structure and an an ignorancy to apply these rules, would seize all accounting functions say analyzing and passing Journal Vouchers that would lead to an accounting cylcle disaster. The building won't be structured without a solid and strong foundation.
The only way to get an advantage without having a prior work experience, is to have solid theorical knowledge of basis accounting principles, accounting terminology, financial statements & their hierarchy etc
Resultantly, accounting theory is not a mere theory, but it is practical guidance and implementation of accounting rules.
