According to Guthrie et al. (2011), an important responsibility of a serious university, with accounting degree programmes, is the ability to conduct world class accounting researches that are relevant for policy making and professional practice. Such researches should be useful to the society and the industry. Accounting research is to be conducted to cater for the needs of various industries in collaboration with policy makers and professional accountants in practice. This would bring about positive impact to the quality of accounting education, offered by the Universities and other tertiary educational institutions.