This paper analyses some neglected questions about the level of materiality,which displays some instructive role in application of the level of materiality and improves the quality of audit practice.

Clarify the Principle of Essence Weightier Than Forms in Accounting Practice;

Greatly improving the level of accounting practice is a task which brooks no delay.

In this paper,accounting theory was compared with accounting practice between China and America in accounting model,firm accounting law,accounting standard,accounting treatment procedure,accounting statement system and main characteristics of accounting practice etc,and some suggestions for reference were put forward.

The precaution principle goes through each aspect of the accounting affairs,no matter from the angle of the assets definition or the earnings affirmation or the financial analysis,it plays a very important guiding role.

Based on the thorough analysis on the influence on accounting because of the environmental changes in the fields in politics, law, economics, science & technology as well as in education, the paper discusses the ways to enrich and develop accounting theoretical system with focused aim; widen and strengthen accounting business.