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By R. J. Bull (Auth.)

The leading target of this customary ebook is to supply the scholar with a huge viewpoint of commercial accounting dependent upon a valid conceptual framework. It does this by way of integrating the idea with the applying, offering accounting options as easily and at once as attainable, and stimulating self sufficient suggestion at the a part of the reader

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So that we have a layout in the form Asset Liability Expense Revenue For reasons which will be explained in Chapter 5, the plus and minus has been reversed on the opposite sides of the balance sheet. Recording transactions in the quadrant 41 Applying this to a fuller illustration, we may record the following transactions relating to J. Brown and C o . : (i) J. Brown starts business with cash of £1,000. (ii) Buys furniture for shop—cash £300. (iii) Buys goods for resale—cash £150. (iv) Buys m o r e goods for resale on credit from Smith at £180.

According to this postulate, revenue is recognized as soon as (a) it is capable of objective m e a s u r e m e n t , a n d (b) t h e asset value received in exchange is reasonably certain. This postulate gives rise to four categories, t h e first of which is t h e most important. While w e will t a k e note of t h e other t h r e e , it is this category which will occupy most of o u r attention. (1) Recognition of revenue at time of sale This is the general—and most common—category. In t h e case of tangible property, revenue arises o n t h e date when goods are furnished to t h e customer in exchange for cash or some other valuable consideration— normally t h e creation of a legally enforceable debt.

This search for 'objectivity' can, at times, lead to absurd results. F o r example, a builder buys two adjacent plots of land in a desirable residential area for £4,000 a n d , later, obtains planning permission. H e sells o n e site for £5,000 and retains t h e o t h e r for sale at a later d a t e . F r o m an accounting viewpoint t h e land sold is worth £5,000, yielding a profit of £3,000, but t h e unsold land, which is equally as valuable, is recorded as being worth only £2,000. Unrealized gains are n o t recorded, so that accounting distinguishes between two types of 'profit'—'operating' or 'trading' gains which a r e realized as a result of selling assets a n d a r e recorded, a n d 'holding gains' which are increases in value obtained by retaining an asset—and a r e n o t recorded.

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