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lecture-3---accruals---student-wenkub

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【正文】 0 to the instructor to settle the salaries payable obligation. CR cash (assets). DR liabilities (accruals). Asset Use Transaction = L i a b . + C a s h + T r a d e R e c e i v a b l e s = A c c r u a l s + O r d s h a r e s + R e t a i n e d E a r n i n g s ( 6 , 0 0 0 ) + n / a = ( 6 , 0 0 0 ) + n / a + n / aA s s e t s S h a r e h o l d e r s 39。 2 (Monday) – Introduction to accounting amp。 accounting conventions ? Lecture 3 (Tuesday) Accruals amp。 E q u i t yAccruals $ $ Salaries 6,000 Cash 6,000 Cash $ $ DR CR Bal b/f 53,000 Accruals 6,000 Zero balance 31 Effect of prepayments on the fin. statement – Exclude the prepaid amount from the expenses in The Ine Statement – Include the prepaid amount as part of current assets in The Statement of Financial Position 32 Dual Aspect ? Each accounting transaction has a twofold effect upon the amounts stated in financial statements . ? Application: – Double entry bookkeeping with debits and credits. 33 The Conservatism Principle When faced with a recognition dilemma, conservatism guides accountants to select the alternative that produces the lowest amount of ine. 34 Materiality ? Information is material if its omission or misstatement could influence the economic decisions of users taken on the basis of the financial statements. ? Application: – Important figures cannot be missed out. 35 Money measurement ? The measurement of financial results in money terms. ? Application: – Things which cannot be valued in money terms are not included in the accounts. 36 Periodicity ? The preparation of financial statements for a set period of time, usually one year (not necessarily the calendar year). ? Application: – SOFP at a particular date – Ine statement for an accounting period 37 Prudence ? The process of exercising caution in the production of financial statements, being cautious and expecting less favourable outes. ? Application: – Recording losses in full as soon as they arise. 38 Prudence Bad Debts ? Risk of trading on credit with customers: some customers will not or w

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