By Eddie McLaney, Peter Atrill
Accounting and Finance for Non-specialists, 6th variation is aimed essentially at scholars who're now not majoring in accounting or finance yet who're learning introductory point accounting as a part of their path.
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Additional resources for Accounting and Finance for Non-Specialists (6th Edition)
Certainly not all resources exploited by a business will be assets of the business for accounting purposes. , may well be assets in a broader sense, but not for accounting purposes. Once an asset has been acquired by a business, it will continue to be considered an asset until the benefits are exhausted or the business disposes of it in some way. 2 Indicate which of the following items could appear as an asset on the balance sheet of a business. Explain your reasoning in each case. 1 £1,000 owing to the business by a customer who is unable to pay.
2 (continued) The balance sheet that we drew up for Jerry and Co. as at 6 March was as follows: Jerry and Co. Balance sheet as at 6 March £ Assets Cash at bank Motor van Inventories (stock) 17,000 5,000 3,000 25,000 £ Claims Capital 10,000 Liabilities – loan 12,000 Liabilities – trade payable (creditor) 3,000 25,000 Let us assume that, on 7 March, the business managed to sell all of the inventories for £5,000 and received a cheque immediately from the customer for this amount. The balance sheet on 7 March, after this transaction has taken place, will be as follows: Jerry and Co.
For external reporting purposes, an annual reporting cycle is the norm (although certain businesses, typically larger ones, report more frequently than this). However, for internal reporting purposes to managers, many businesses produce monthly financial statements. The effect of trading operations on the balance sheet In the example we considered earlier, we dealt with the effect on the balance sheet of a number of different types of transactions that a business might undertake. These transactions covered the purchase of assets for cash and on credit, the repayment of a loan, and the injection of capital.