Accounting for Business Studies by Aneirin Sion Owen

By Aneirin Sion Owen

Companies are advanced, and, hence, lecturers face a tough activity constructing scholars' figuring out of the way they paintings, specifically within the worldwide context. Accounting for company stories is helping lecturers concentrate on smooth advertisement concerns and integrates accounting into company and administration reviews. This publication contains: * A enterprise point of view instead of an accounting viewpoint * e-business, together with case reports * Globalisation, together with case stories * enterprise talents, like interpretation, research and communique * IT built-in into particular company events * contains versions equivalent to Porter's 5 Forces, provide Chain, Product existence Cycle * A company point of view instead of an accounting point of view * e-business and globalisation, together with case stories * company talents, like interpretation, research and conversation

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16 Sales less cost of sales Cost of sales is the cost of buying the goods, which have been sold. Purchases, on the other hand, is the amount that has been bought. 17 Fixed assets last for more than one year, current assets last for less than one year Any piece of equipment which lasts for more than one year is a fixed asset. 18 Debtors An easy one. 25 Accounting for Business Studies 19 Current assets less current liabilities Working capital is another term for net current assets. 20 Stock owned by the business All the others are types of equipment which last more than one year.

This chapter uses the accounting framework to illustrate the impact of YEAs and uses the spreadsheet format to calculate profits and capital, etc. Stock Stock is the value of the goods in the warehouse, shop or factory at the end of the financial year. Stock refers to the value of the goods, not the quantities. Be careful not to confuse stock with purchases. When a company buys goods to sell at a profit, these are purchases, not stock. Stock is what is left over at the end of the year. 1. 1 Purchases and stock The whole of the rectangle represents purchases, while the shaded area represents stock.

Answers are given at the end of this chapter. Conclusions Accounting uses specific definitions of certain words, like capital. These specific definitions have to be learned in order to understand accounting. The definitions fit together under four main headings, as follows: Income Expenditure Assets Liabilities Sales Others Purchases Expenses Fixed assets Current assets Stock Debtors Cash Creditors Capital Use the multiple choice questions below to test your understanding. Do not start Chapter 3 until you have mastered all of these definitions.

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