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By R. J. Bull (Auth.)

The top target of this common booklet is to supply the scholar with a vast point of view of commercial accounting established upon a valid conceptual framework. It does this via integrating the speculation with the applying, providing accounting strategies as easily and at once as attainable, and stimulating self sufficient idea at the a part of the reader

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Sample text

Debtors, bad debts and doubtful debts We noted in our discussion of revenue recognition at the time of sale that the second condition of realization, a certain asset value, is subject to some modification where it is considered that some customers will fail to settle their account. Accountants d o not like to overstate any asset value, and debtors are no exception. If it is certain that a d e b t o r will not settle his account, the debt is treated as 'bad' and the a m o u n t lost treated as an expense.

A t the start of the new accounting period it is assumed that this initial (opening) stock will be sold prior to any additional stock acquired during the accounting period. ) T h e result is that the cost of the last accounting period will become an expense of this o n e . e. the third category of cost items) is m a d e when the income statement is p r e p a r e d . T h e second type of cost in this category is that of prepayments—costs incurred last year on such items as rent or rates which b e c o m e expenses of this year because they were paid in advance.

E. R - £ ) , where R - Ε has been previously defined as profit. e. (vii) ARtE + E = L + R W e normally abbreviate this (in a rather inexact way) as (viii) A + Ε = L + R but it must be r e m e m b e r e d that the assets have been adjusted for the revenues and expenses earned and incurred. e. assets from which some or all benefit has been consumed. The accounting equation 35 T h e diagram in C h a p t e r 2 can now be extended: Application of funds and unapplied funds Sources of funds Balance sheet Assets Liabilities Income statement Expenses Revenues ΣΑ + ΣΕ = IL + Σ/?

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