By Robin John Limmack (auth.)
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Extra info for Financial Accounting and Reporting: An Introduction
Subjective, judgement. One influential accounting academic, Professor R. R. " Accruals concept By this concept, revenues and expenses are matched with one another in so far as this is justified. They are included in the Profit and Loss Account of the period to which they relate, whether or not this is the period in which costs are incurred or receipts collected. To understand this concept a number of the basic terms used in accounting must first be defined and distinguished. , the ownership of a motor vehicle gives rise to potential benefits either in the use of the vehicle or the disposal of it.
Recognition is now being given to the need to consider the requirements of other groups of users in addition to investors, and also the economic consequences of adopting particular accounting policies . 2(c) below). Although the scope of financial accounting and reporting has now widened , many of the fundamental accounting principles have their origin in the development of the stewardship role of financial reporting. Criticisms have been raised of the inapplicability of these principles to modern needs and also to the contradictory nature of some of them .
Categorise each of the following according to their effect on assets, liabilities, revenues and expenses: (a) purchase of flour by a bakery; (b) payment of employees' wages; (c) opening a bank loan account; (d) payment of motor car insurance; (e) sale of goods by a trader; (f) amount owed to supplier for goods received. 10. Which of the following involves an expense? (a) the cost of building new office premises; (b) the rent paid on shop premises; (c) the purchase of goods for resale; (d) the payment to a supplier for goods received.