Download CIMA Learning System Fundamentals of Financial Accounting: by Henry Lunt PDF

By Henry Lunt

CIMA's respectable studying procedure has been written by means of former CIMA examiners along with the CIMA school. they supply a transparent logical course throughout the new syllabus to particularly organize scholars to cross, first time. CIMA respectable studying structures comprise: * step by step insurance without delay associated with the CIMA syllabus studying results * bankruptcy and subject summaries * vast query perform * entire Revision part * CBA type mock examination * color format for simple navigation the hoop binder structure permits you to upload on your notes as you're employed in the course of the method, and if attending sessions, to only take the bankruptcy you would like. CIMA legit studying platforms are the single fabrics written and counseled by means of the CIMA school * Re-engineered to satisfy the calls for of the recent CIMA certificates in enterprise Accounting 2006 syllabus * whole built-in package deal incorporating syllabus information, complete textual content, advised articles, revision publications and huge query perform * CIMA authentic studying platforms are the one fabrics written and counseled via the CIMA school.

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They include that part of non-current loans due for repayment within 1 year. Non-current liabilities are those that are due for repayment more than one year after the balance sheet date. m. FUNDAMENTALS OF FINANCIAL ACCOUNTING The total value of Nadim’s assets on 1 January is $322,000; his liabilities totalled $257,000. Therefore his capital must be $65,000: Assets = Liabilities + Capital 322 000 = 257 000 + 65 000 We can now prepare Nadim’s balance sheet. Balance sheet of Nadim at 1 January Assets Non-current asset Land Buildings $’000 $’000 200 60 260 Current assets Inventories Receivables Bank balance Cash in hand 10 15 32 5 Liabilites Capital Non-current liabilities Bank loan Current liabilities Payables 62 322 $’000 65 240 17 322 We can see from the above that the balance sheet could be used to calculate the value of capital.

You may be wondering exactly what is meant by saying that capital is an amount ‘owed’ by the business to its owner. How can the business ‘owe’ anything in this way? How has it incurred a debt? The answer is that when a business commences, it is common for the owners to ‘invest’ some of their private resources in the business. As the business operates it generates its own resources in the form of profits, which technically belong to the owner. Some of the profits may remain in the business, while some may be withdrawn by the owner in the form of goods or cash.

Despite its apparent artificiality, the importance of this convention will become apparent in the next section, where we look at an arithmetic relationship called the accounting equation. 3 The accounting equation The accounting equation shows that: Assets = Liabilities + Capital What do these terms mean? Asset: A resource that may be used by a business or other organisation to derive revenue in the future. Examples of assets are land, buildings, plant and machinery, motor vehicles, inventories of goods, receivables, bank balances and cash.

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