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'Accountancy is the art of recording, classifying and summarising in a significant manner and in terms of money, transactions and events which are, in part at least, of a financial character, and interpreting the result thereof' AICPA 1961.
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| Submitted: Thu Feb 19 2004
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Table Of Contents Introduction 2 The Accounting Equation 2 Capital 2 Assets 2 Liabilities 2 The Profit And Loss Account 3 Turnover 3 Cost Of Sales 3 Gross Profit 3 Other Operating Income 3 Other Investment Income 3 Interests Payable And Similar Charges 4 Profit On Disposable Of Fixed Assets 4 Profit On Ordinary Activities Before Taxation 4 Taxation 4 Profits Retained For The Financial Year 4 The Balance Sheet 4 Fixed Assets 4 Intangible Asset 4 Goodwill 5 Current Assets 5 Stocks 5 Debtors 5 Cash, Short Term Deposits and Liquid Resources 5 Creditors 6 Bank Overdraft/Loan 6 Corporation Tax 6 Dividends Proposed 6 Provisions For Liabilities and Charges 6 Shared Capital 6 Profit and Loss Account 6 Cash Flow Statement 7 Operating Activities 7 Returns on investments and servicing of finance 7 Taxation 7 Capital Expenditure 7 Financing Activities 7 Importance of Cash Flow Statements 7 Net Cash Inflow From Operating Activities 8 Dividends Received from Joint Ventures 8 FRS 1 8 Relationship Of P+L, Balance Sheet and Cash Flow Statements 8 Bibliography 9 Introduction 'Accountancy is the art of recording, classifying and summarising in a significant manner and in terms of money, transactions and events which are, in part at least, of a financial character, and interpreting the result thereof' AICPA 1961. The Accounting Equation The fist step to take in understanding accountancy/financial reports is to be able to understand the accounting equation. This is because the...
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