By Trevor Gambling
A One-Year Accounting path, half I makes a speciality of the rules, methodologies, and ways fascinated by the examine of accounting.
The e-book first takes a glance on the ideas of double-entry book-keeping and parts of mechanized accounting. Discussions specialize in punched-card accounting installations, tools of facts, keyboard accounting computing device, twin point of all buying and selling transactions, funds transactions, nominal ledge, and private ledger bills. The textual content then explores capital and profit, ultimate bills, and interpretation of money owed. issues contain balance-sheet ratios, capital place, resources and liabilities, mounted and present resources, valuation of resources, depreciation of fastened resources, inventories of fabrics, and accruals and prepayments.
The e-book ponders on historic costing documents and costing strategies, together with uncomplicated technique costing, direct or marginal costing, inventory regulate, shops accounting, and minimal shop degrees.
The manuscript is a liable reference for accountants and researchers drawn to accounting.
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Additional info for A One-Year Accounting Course
Ii) Then follows the 'trading account': here the object is to arrive at the factory or 'bought-in' cost of the goods sold and deduct it from the sales for the period to give what is called the 'gross profit'. The gross profit is a figure of some importance because it represents the amount by which the goods sold were 'marked up' over their original cost. (Notice that the credit items in each section appear first and the expenses are then deducted from them; this enables the difference (or balance of profit/ loss) to be carried down immediately into the next section.
Data' are pieces of information; they are not the pieces of paper or other method by which the information is recorded. This can best be appre26 ELEMENTS OF MECHANIZED ACCOUNTING 27 ciated by turning back to Fig. 1; the 'data' is the names and addresses of the supplier and of the customer, the date, the items and the amounts. , contain the data are known as 'media' or 'posting media'. This term 'media' serves to emphasize the point originally made in Chapter 1, that the information about a transaction has to be stored up in some form so that the information can be 'processed' in bulk at a later time.
CAPITAL AND REVENUE 47 (b) 'Depreciation, on most of our machines, works out at about lid. per hour per £100 invested. When I go round the works and see a machine standing idle, I tell the fore man he's wasting money at that rate. ' [Mr. ] 2. ' Draft a reply setting out your views of this proposition. ] 3. The Hope Co. Ltd. categorizes plant and machinery into: (a) Direct production plant—depreciated on machine running hours. a. on the balance on the account at the end of the year. The position at 1 January 19—, was: Direct production plant Book value £ 97,600 Original cost £ 243,220 General plant 14,328 24,781 and during the year the following transactions took place: Direct production plant: Sales of plant Purchases of new plant Original cost £ f 7,650 \15,100 / 5,880 \ 18,000 Expected running hours Actual running hours to date 10,000 23,100 4,000 9,900 Amount realized £ 5,300 7,280 15,000 20,000 750 1,500 — — Depreciation to be charged for the year, excluding that relating to new plant purchased, is £10,300.