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

By R. J. Bull (Auth.)

The top aim of this usual booklet is to supply the coed with a wide viewpoint of industrial accounting dependent upon a legitimate conceptual framework. It does this through integrating the idea with the applying, featuring accounting techniques as easily and without delay as attainable, and stimulating autonomous concept at the a part of the reader

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A) Cash sales result in simultaneous revenue a n d receipt: Cash +50 Sales +50 54 Income measurement—revenue (b) Credit sales will involve a delay (normally 1-2 months) before cash is received. T h u s : Debtors Cash (i) W +80 - 8 0 +80 (0 Sales +80 (i) The sale on credit will result in an increase in sales revenue and a corresponding increase in the debtors. (ii) W h e n the debtor settles his account, debtors will be decreased by £80, and cash increased by the same a m o u n t . (4) Receipts of this year which are (a) wholly or (b) partly revenues of next year T h e situation is similar to that described in (1) above.

Assets from which some or all benefit has been consumed. The accounting equation 35 T h e diagram in C h a p t e r 2 can now be extended: Application of funds and unapplied funds Sources of funds Balance sheet Assets Liabilities Income statement Expenses Revenues ΣΑ + ΣΕ = IL + Σ/? This diagram can now be used to illustrate the relationship between cost and expense outlined in the previous section. (1) Costs of this year which are expenses of this year W e may take as our example the item of rent.

For example, if his alternative salary were £1,200 p . a . , the rent he could obtain £400 p . a . , and the interest on capital (£14,730 5,000), £500 p . a . , then the economic profit (loss) would be £ Accounting profit Less: Imputed salary Imputed rent Imputed interest Economic Loss £ 1,770 1,200 400 500 2,100 £( 330) Whether M r Brown will actually sell his business will d e p e n d on a n u m b e r of factors such as the firm's long-term prospects and M r Brown's preference for being his own master.

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