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Extra info for Accounting - Asset Valuation, Profit Measurement & The Underlying Accounting Concepts
Transaction 7 increases the asset of cash and reduces the asset of receivables by the same amount. Cash is now being received, but it arises from an earlier revenue. The cash now received was earned at an earlier date and it is the act of earning, not the act of receiving, that determines the revenue. With Transaction 8 there is an additional source into the business, from the granting of credit to the business by the supplier. The application of this extra amount is the extra inventory. 20 respectively.
1. 1 The contents of a balance sheet First list Second list Resources controlled Assets Applications Sources Where they came from Claims A balance sheet is often defined as a statement of financial position at a point in time. It is a list of sources, of where everything came from, and a list of resources, of everything valuable that the business controls. Since both lists relate to the same business at the same point in time, the totals of each list must be equal and the balance sheet must balance, because it is defined and constructed so that it has to balance.
Such an introduction is contained in an annex to this chapter, and this is taken further in an annex to chapter 3. 2 The balance sheet A balance sheet is a document designed to show the state of affairs of an enterprise at a particular date. Students and practitioners of bookkeeping regard the balance sheet as the culmination of a long and complex recording process. If it does not balance, mistakes have definitely been made during the preparation process; they will have to be found, and more work is needed.
Accounting - Asset Valuation, Profit Measurement & The Underlying Accounting Concepts