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By R. J. Bull (Auth.)

The best target of this normal booklet is to supply the scholar with a large viewpoint of commercial accounting established upon a legitimate conceptual framework. It does this by means of integrating the speculation with the appliance, featuring accounting techniques as easily and at once as attainable, and stimulating self sufficient idea at the a part of the reader

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Extra resources for Accounting in Business

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Can you find any explanation for the selection of a particular year-end date? 5 Define carefully the terms 'cost', 'expense' and 'expenditure'. Collect other definitions from alternative sources, and consider the extent to which they are in agreement. 6 ' A n expense is an expired asset'. M a k e a list of the main categories of assets and consider to what extent t h e statement is correct. 7 T h e following expenditure in t h e year to 31 D e c e m b e r 1984i relates to m o t o r vans owned by a small haulage company: Petrol, oil and repairs £800 Licences—year to 31 March 1983 80 Tyres 90 Insurance—year to 31 March 1983 100 O n 31 D e c e m b e r 1984, the stock of tyres a m o u n t e d to £40, and petrol bills unpaid a m o u n t e d to £43.

The nature of profit 29 end of the year as at the beginning. This definition in itself begs two questions: how do we measure wealth (value) at the beginning and the end of the year, and what is meant by 'as well o f f ? Essentially the measurement of value and the meaning of 'well offness' involve the making of subjective judgements. T h e accountant, who tries to remain objective, has sought to eliminate the element of subjective judgement from the determination of income. e. the revenues and expenses attributable to business transactions, and,, in so doing, has established as nearly as possible hard and fast rules of calculation to eliminate the guesswork and to ensure precision.

For example, expenditure on such things as advertising or research and development poses particular problems. If, towards the end of a financial year, a business spends heavily on an advertising campaign which its marketing director thinks will b e of benefit for several m o n t h s , how much of that expenditure should be 'matched' with the revenue e a r n e d within the financial year in order to ascertain the 'right' profit? This last illustration leads us naturally to the problem of the 'accounting period', the artificial division of the total life of the business into short segments of time.

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