Accounting in Business by R. J. Bull (Auth.)

By R. J. Bull (Auth.)

The top aim of this customary publication is to supply the coed with a huge standpoint of industrial accounting established upon a legitimate conceptual framework. It does this by means of integrating the idea with the appliance, proposing accounting strategies as easily and without delay as attainable, and stimulating self sufficient inspiration at the a part of the reader

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The cash payment of £80 reduces cash by that a m o u n t , and the rent expense is increased similarly. Since the total cost (and also the total expense) applicable to the accounting period is £120, we increase rent by £40, and correspondingly increase the liability of the business in the item 'accrual' by £40. Accruals are normally included with the creditors on the balance sheet and described as 'Creditors and accruals'. (2) Costs of earlier years which will become (a) wholly or (b) partly expenses of this year In category (a) we identified two main subdivisions—stock and prepayments.

H E N D R I K S E N (1982), Accounting Theory. Irwin. BACKER BAXTER Questions for discussion 1 Explain why a profit is represented by an equivalent increase in assets. 2 It is possible, after making appropriate adjustments, to measure profit by calculating the change in capital between two dates. W h y then is it necessary to p r e p a r e an income statement (or profit and loss account)? 3 M a k e a list of the main sectors of British industry and try to ascertain a typical 'production cycle' in each.

T h e convention has its origins in the nineteenth century when the emphasis in financial statements was upon the needs of actual or potential creditors. A balance sheet based upon the most cautious view of value and worth would reassure the provider of finance. T h e convention, however, can lead to a contravention of the cost postulate because it leads to a d e p a r t u r e from acquisition cost whenever other 'values' are lower. M o r e o v e r , it is a rather strange logic which demands that gains must not be anticipated but that losses should be.

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