Usefulness of accounting concepts and principles Jason is a hard-driving, impatient business executive. You work for him, and can feel the grey hair sprouting on your head from all the pressure. One...

Usefulness of accounting concepts and principles Jason is a hard-driving, impatient business executive. You work for him, and can feel the grey hair sprouting on your head from all the pressure. One day, he returns from a lunch meeting with his accountant and says, ‘That accountant told me that there are accounting concepts and principles that tell me important things about why my financial statements are useful, why they are worth all the money they cost to produce and audit. I’m not convinced.’ Give Jason five reasons why accounting concepts and principles are useful. You may wish to refer to the accounting concepts and principles referred to in Chapter 1. Make your explanations brief and to the point: Jason hates longwinded answers!