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

By R. J. Bull (Auth.)

The top goal of this fashioned ebook is to supply the scholar with a huge point of view of commercial accounting established upon a valid conceptual framework. It does this by means of integrating the idea with the appliance, featuring accounting strategies as easily and at once as attainable, and stimulating self sustaining suggestion at the a part of the reader

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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.

This is the simplest—and most common—of all. If an item or service is acquired The relationship between cost and expense 33 during the year (either through m o n e y p a y m e n t or the incurring of a liability) it is a cost; if it is consumed during the year it is also an expense. (2) Cost of earlier years which will become (a) wholly or (b) partly expenses of this year: (a) T h e r e are two principal types of costs in this category. T h e first of these is the stock of goods for resale which were acquired last year but not sold till this year.

W e must not suppose from the foregoing that the accountant's calculations should be discarded on to the rubbish h e a p . They do provide some measurement of income—and some m e a s u r e m e n t is better than n o n e at all; secondly, if we can understand the accounting postulates of income measurement and know their weaknesses, it is possible to adapt the accounting information to provide a result m o r e appropriate to our own subjective concept of income. With this in mind, we turn our attention to the first of the income postulates—that of accrual.

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