List of figures List of tables Preface to the Fourth Edition 1 Introduction 1.1 Accounting functions 1.2 Accountants 1.3 Institutional context 1.4 Accounting theory Self-assessment questions Tutorial questions Part I The accounting method 2 Value and profit 2.1 Value 2.2 Profit 2.3 Summary Self-assessment questions Tutorial questions The balance sheet 3.1 The business entity 3.2 Types of asset 3.3 Valuation conventions 3.4 Asset valuation practice 3.5 Liabilities 3.6 Capital 3.7 Summary Self-assessment questions Tutorial questions Revenues and expenses 4.1 Accounting periods 4.2 The accruals convention revenues 4.3 The accruals convention expenses 4.4 Debtors and bad debts 4.5 Profit measurement conventions 4.6 The accounting equation 4.7 Profit, drawings and cash 4.8 Summary Self-assessment questions Tutorial questions 5 Depreciation 5.1 The traditional concept 5.2 Methods of depredation 5.3 Practice 5.4 Practical problems 5.5 Replacement 5.6 Further considerations 5.7 Summary Self-assessment questions Tutorial questions 6 Stock 6.1 Profit measurement 6.2 The count 6.3 Valuation 6.4 Historical cost as an input value 6.5 Current replacement cost as an input value 6.6 Practice under historical cost accounting 6.7 Current value accounting 6.8 Long-term contracts 6.9 Sununary Self-assessment questions Tutorial questions 7 The ''Italian method'' 7.1 History 7.2 Double entry: explanation and justification 7.3 The advantages of double entry 7.4 The trading account: gross profit 7.5 The rest of the profit and loss account 7.6 Stock, accruals and prepayments 7.7 Provisions 7.8 The balance sheet 7.9 Summary Self-assessment questions Tutorial questions 8 Accounting techniques 8.1 Books and ledgers 8.2 Control accounts 8.3 The trial balance 8.4 The journal 8.5 Incomplete records 8.6 Summary Appendix 8.1: The audit trail in a computerized system Appendix 8.2: An example of the wider uses of accounting information Self-assessment questions Tutorial questions Part II Accounting for business entities Partnerships 9.1 The partnership form 9.2 Taxation and disclosure 9.3 Accounting implications 9.4 Summary Self-assessment questions Tutorial questions 10 Companies: law, tax and finance 10.1 The need for capital 10.2 The corporate entity 10.3 Types of capital 10.4 The separation of ownership from management 10.5 Taxation 10.6 Raising finance 10.7 New issues 10.8 Financial adjustments 10.9 Summary Self-assessment questions Tutorial questions 11 Companies: financial reporting 11.1 Regulatory framework 11.2 Objectives of company reports 11.3 Disclosure in annual reports 11.4 Financial statements 11.5 Groups 11.6 Auditing 11.7 Dividend policy 11.8 Summary Appendix 11: Formats for British annual financial statements from Schedule 4 of the Companies Act 1985, as amended by the Companies Act 1989 Self-assessment questions Tutorial questions 12 Accounting under inflation 12.1 Inflation 12.2 Effects on accounting 12.3 General or specific adjustment 12.4 Current purchasing power systems 12.5 Current value accounting 12.6 Current cost accounting 12.7 Revaluations in the 1990s 12.8 Summary Self-assessment questions Tutorial questions 13 International financial accounting 13.1 Background factors 13.2 Forms of business organization 13.3 Accounting practices 13.4 Harmonization 13.5 Summary Self-assessment questions Tutorial questions Part III Interpretation of financial information 14 Profitability 14.1 Definitions of accounting aggregates 14.2 Asset ratios and gearing 14.3 Profitability ratios 14.4 Profit and sales ratios 14.5 Summary Self-assessment questions Tutorial questions 15 Liquidity 15.1 The cash flow cycle 15.2 Flow statements 15.3 Cash flow statements 15.4 The measurement of liquidity 15.5 The reasons for and costs of holding current items 15.6 Cash forecasts and budgets 15.7 Summary Self-assessment questions Tutorial questions 16 Valuation of the business 16.1 Balance sheet assets 16.2 Other assets 16.3 Valuation by expectations 16.4 Market valuations 16.5 Summary Serf-assessment questions Tutorial questions Suggested answers to self-assessment questions
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