Research Output

The Theory of Uncertainty

  In the business world, accountants are perceived as individuals with high levels of competency in decision-making involving economic criterion of costs versus benefits, measured in terms of monetary units. They are involved in the valuation of assets and liabilities which are tangible and intangible in nature. Accountants are essentially responsible to form reliable mathematical expectations concerning the future economic benefits and costs. However, in a practical sense, the future is uncertain at best. 'Uncertainty’ thus poses a big challenge to the practicality of the pseudo-mathematical approach to decision-making that dominates the formal educational syllabus of future financial experts and economists. This brings us back to the old fundamental idea of John Maynard Keynes that highlights the significance of psychological elements in decision-making under uncertainty that governs our lives.

The full article can be viewed from the following link: https://www.mia.org.my/v2/Membership/services/accountants_today_details.aspx?ID=134

  • Type:

    Article

  • Date:

    01 July 2005

  • Publication Status:

    Published

  • ISSN:

    1394-1763

  • Library of Congress:

    HF5601 Accounting

  • Dewey Decimal Classification:

    657 Accounting

  • Funders:

    University of Stirling

Citation

Minhat, M. (2005). The Theory of Uncertainty. Accountants Today, 18(6), 22-23

Authors

Keywords

Uncertainty, accountants. Keynes

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