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Corporate Financial Accounting & Reporting, 2nd Edition by Tim Sutton

By Tim Sutton

1. monetary Accounting: an outline half I: FOUNDATIONS 2. The stability Sheet: a monetary photograph of the company three. The source of revenue assertion four. Accounting files: constitution and Terminology five. Accrual changes & financial plan coaching 6. the yearly record and bills half II: the home OF ACCOUNTING 7. Key Conceptual matters in monetary Accounting eight. fastened resources, Tangible and Intangible part 1. center matters part 2. specialized themes part three. fastened resources and fiscal assertion research nine. Inventories 10. reputation of profit and Valuation of Receivables part 1. middle matters part 2. specialized issues part three. sales, Receivables, & financial plan research eleven. Liabilities, off and on stability Sheet part 1. common concerns part 2. long term Debt part three. Leasing part four. Liabilities and monetary assertion research 12. Shareholders' fairness part 1. center concerns part 2. specialized themes part three. Shareholders' fairness & financial plan research thirteen. monetary Investments 14. fairness Accounting and Consolidations part 1. middle concerns part 2. specialized issues part three. Consolidated money owed & financial plan research 15. Transactions and Operations in foreign currency sixteen. Employment charges part 1. common matters part 2. specialized issues part three. Employment bills and monetary research 17. Accounting for company source of revenue Taxes part 1. middle matters part 2. Deferred Tax Accounting: Extensions part three. company source of revenue Taxes and fiscal research half III: views 18. the money movement assertion Revisited part 1. money stream research: advantages to traders part 2. specialized issues 19. financial plan research: simple Framework 20. financial plan research: Extensions part 1. areas of difficulty in financial plan research part 2. Accounting Manipulation and its detection

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In many countries, prepayments (of operating costs such as rent) and accrued income (for example, interest earned on customers’ debts but not received by the balance sheet date) are classified as current assets, too. qxd 11/6/03 2:12 PM Page 24 24 PART 1 • FOUNDATIONS The second type is the asset held for trading purposes or for the short term. Examples are cash and marketable securities. The latter are usually securities the firm owns and which it plans to sell within one year of the balance sheet date.

In its consolidated accounts, it combines 100% of S2’s assets, as well as 100% of S1’s, with its own. It does the same with S1 and S2’s liabilities. It shows as ‘Minority interest’ (MI) the 20% of S2’s owners’ equity – and thus net assets (OE = A − L) – it does not own. Outside shareholders have a stake in the net assets of BestPrice’s subsidiaries that amounts to a556 million at the end of x2. 5 25 Minority interest in subsidiary’s net assets: illustration group. ) and outside shareholders. l Shareholders’ equity The owners of public companies such as BestPrice are usually described as shareholders because their ownership interest is evidenced by shares.

The company has not yet paid the supplier for the goods. 7 On 7 January, the company finds it has surplus shop fixtures costing 1,000 and exchanges them for merchandise of similar value with a neighbouring shop. On 8 January, Sun, C and Sand Company opens its doors for business. We consider first the balance sheet impact of transactions 1 to 4. 1 Initial investment On 2 January, Sand and Chopin invest 20,000 of their own funds in a new company, Sun, C and Sand. Financial statement impact (amounts in 000): Assets +20 Cash = = Liabilities + Owners’ equity +20 Contributed capital The company’s cash increases by 20,000 (A+); the claims of its owners increase by the same amount (OE+).

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