We review truth in accounting research, under the lens of major theories of truth, namely correspondence, coherence and pragmatist. Based on the review, we put forward our delineation between true and false in accounting. We adhere to a critical realist epistemology, which incorporates epistemic subjectivity and ontological objectivity. We argue that the reality that accounting propositions purport to describe can exist independently of individual perceptions and narratives, but these perceptions are always fallible, transitive and subjective. Epistemic fallibility, we argue, necessitates ontological objectivity in accounting and, therefore, anticipates adherence to a correspondence theory of truth. Correspondence, as a truth diagnostic, is not adopted unconditionally, as we discuss its possibilities, limitations and connections to other theories of truth.