UK Accounting Glossary
Also defined as:
A set of assumptions, propositions, or accepted facts that attempts to provide a plausible or rational explanation of cause-and-effect (causal) relationships among a group of the observed phenomenon. The word “Theory” originates from the Greek word thorós, which means “a spectator”.
The word’s origin stresses the fact that all theories are mental models of the perceived reality.
In theory, things can only get better; however, in practice, they may actually become a lot worse.
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This glossary post was last updated: 27th August 2019.