Accounting in Business - download pdf or read online

By R. J. Bull (Auth.)

ISBN-10: 0408014865

ISBN-13: 9780408014861

The top goal of this customary booklet is to supply the coed with a huge viewpoint of commercial accounting dependent upon a valid conceptual framework. It does this via integrating the speculation with the appliance, providing accounting options as easily and without delay as attainable, and stimulating autonomous inspiration at the a part of the reader

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Extra info for Accounting in Business

Sample text

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.

In accounting, the intervals, or accounting periods, are normally o n e year, although for m a n a g e m e n t purposes reports (often called interim statements) are p r e p a r e d at much shorter intervals. T h e use of a yearly period 32 Income measurement—expense is now deeply entrenched in custom and law; the Companies Act and the Income Tax Acts require annual statements of profit, and both national and local government run their affairs on an annual cycle. Businesses are living organisms, and the act of dividing the flow of events into time intervals is necessarily arbitrary, since business activities do not halt or change in any measurable way as one time period ends and another begins.

T h e importance of the assumption can be seen if an alternative is advanced, namely, that the business will cease to operate within a year. All assets then would have to be measured in terms of what they were currently worth to a buyer. This is evidently not the approach adopted by the cost postulate (see C h a p t e r 2), so the continuity assumption is seen as a necessary p r o p to that postulate. However, it may be argued that the assumption that the business has a future is merely another way of saying that value of a business and its assets are a reflection of future earning capacity.

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


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