By R. J. Bull (Auth.)

The leading goal of this customary ebook is to supply the coed with a extensive standpoint of commercial accounting established upon a valid conceptual framework. It does this through integrating the idea with the applying, proposing accounting techniques as easily and at once as attainable, and stimulating self sufficient notion at the a part of the reader

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Extra resources for Accounting in Business, Edition: 5 Sub

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Such costs cannot be objectively measured, and are often referred to as imputed costs. Nevertheless, they are very important, for if their sum exceeds the accounting profit, it follows that, on financial grounds alone, M r Brown should sell his business. 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.

00 T h e business then sells 400 tins at a price of 15p per tin, a revenue of £60. H o w much profit has been m a d e ? T h e problem is in deciding what is the relevant expense to match with the revenue. 00 On the other h a n d , it could be argued that the tins most recently acquired were sold first—simply because they were stacked at the front of the pile. 00 Which, t h e n , is the 'right' profit? A n o t h e r illustration of the problems of matching revenue and expense is occasioned by the sort of expense which is not easily and directly attributable to any particular revenue or sale.

T h e mechanism used to convert these assets to expenses over a n u m b e r of accounting periods is called depreciation, and is described in C h a p t e r 5. (3) Costs of this year which b e c o m e either (a) partly expenses of this year or (b) wholly expenses of later years: (a) In this category there will appear all those goods and services whose benefit will be consumed only partly in this year. All fixed assets acquired in the current period will normally fall into this category. e. are partly ' p r e p a y m e n t s ' .

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