By Eldon S. Hendriksen
A basic body of reference is used to guage the various parts of economic accounting conception and perform. It features a variety of theories that aren't unavoidably in line with one another and that could bring about diverse conclusions. reviews are made at 3 easy degrees: the structural point, the semantic interpretation point, and the pragmatic point. Emphasis is put on the inductive-deductive and the capital industry ways within the reviews, even supposing different ways are mentioned the place applicable. prompt options are tentative and topic to alter as new facts turns into on hand.
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Extra info for Accounting Theory
Developing the standard Points considered Revenue based grants do not cause accounting problems, they are simply matched with the related costs. There are three different views regarding capital based grants, namely: 1) 2) 3) credit to credit to credit to deferred profit immediately; non-distributable reserve as permanent item; profit over the useful life of the related asset either as a credit or through a reduction of depreciation. Basic approach and method The first two methods do not articulate with the treatment of related expenditure.
Disclosure of accounting policies should improve the information in accounts and also force directors to select and adopt specific policies. Policies adopted should be disclosed by way of notes to the accounts. Definitions Fundamental accounting concepts Broad basic assumptions. e. going concern, accruals, consistency, prudence. 8 SSAP 2 Disclosure oj accountinf: palieies Going concern Business will continue operational existence into foreseeable future. No intention to liquidate or curtail activities.
Hire purehase: contracts have characteristics similar to finance leases. The main difference is that under hire purchase, the hirer is normally given an option to purchase the asset at the end of the lease term. This will not happen with the usual form of finance lease because in order for the lessor to obtain capital allowances (and lessee to charge ren tals as an expense for tax) the lessor is not allowed to sell the residue to the lessee. g. 95 to 97%) are given to the lessee as arental rebate.