By Robin John Limmack (auth.)
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Extra resources for Financial Accounting and Reporting: An Introduction
However, it is unquestionable that the 'goingconcern' rule is an implicit assumption in the minds of those who prepare financial statements. " Prudence. or conservatism . concept This concept requires that revenues and profits are not anticipated but are recognised only when realised in cash form or where their ultimate realisation in cash form can be assessed with a reasonable degree of certainty. , expenses and losses, whether the amounts involved are known for certain or are based on the best estimate of ultimate liability in the light of the available information.
According to some observers the approaches represent mutually inconsistent views while according to others they represent a broadening of the scope of accounting theory . The classical approach to accounting theory formulation has been, until very recently, the most widely embraced approach. It rests heavily on economic theory in its deductive aspect at least, attempting to define enterprise income by reference to measurement of changes in enterprise wealth. Unfortunately the approach is hampered by lack of unanimity over the basis to be adopted for the valuation of wealth.
Which of the following involves an expense? (a) the cost of building new office premises; (b) the rent paid on shop premises; (c) the purchase of goods for resale; (d) the payment to a supplier for goods received. 1 Financial Statements and Income ~easurement Introduction As demonstrated in the previous chapter, business income may be measured by calculating the difference between ownership interest in the business at the beginning and end of a period of time after adjusting for any changes in the level of investment by the owners.