Accounting

By Saad Imran
LO1.
LO1) Examine the context & purpose of accounting.

Introduction
Accounting's goal is to collect and report financial information on a company's performance,
financial position, and cash flows. This data is then used to make judgments about how to run
the company, invest in it, and lend money to it. This data is gathered in accounting records
through accounting transactions, which are either standardized company operations like
customer invoicing or supplier bills, or more specialized transactions like journal entries.
This financial data is frequently organized into financial statements, which contain the
following documents:

1. Income statement

2. Balance sheet

3. Statement of cash flows

4. Statement of retained earnings

5. Disclosures that accompany the financial statements

Financial statements are compiled using accounting systems, the most well-known of which
are Generally Accepted Accounting Principles (GAAP) and International Financial Reporting
Standards (IFRS. Depending on the framework employed, the outcomes displayed in
financial statements can vary. The framework that a company employs is determined by the
preferences of the financial statement recipient. As a result, a European investor may prefer
to view financial statements prepared in accordance with IFRS, whilst an American investor
may prefer statements prepared in accordance with GAAP.

Two main forms of accounting

Managers breakdown down the accounting function into two basic forms: managerial
accounting and financial accounting, in order to correctly use the data collected. While they
both use the same underlying financial data stream, the key distinction is in their focus and
timeliness. The focus of managerial accounting is internal and forward-looking, whereas
financial accounting is outward and backward-looking.
Internally, managerial accounting is used for planning and guiding a company ahead in a
financially prudent manner. Accountants use this function to analyze historical financial data
as well as the current economy to develop assumptions about patterns and what they signify
for the organization's future.
Managerial accountants examine the organization in parts, such as departments, regions, or
product lines, and provide predictions concerning sales forecasts, performance, pricing,
expenses, and labor requirements. Smart managers use management accounting to forecast an
organization's financial future and make wise decisions based on their predictions.
The focus of financial accounting is on analyzing historical data in order to determine an
organization's overall value. Shareholders and investors will use the data to determine if a
public firm is inexpensive and hence worth investing in, or overvalued and therefore should
be avoided. Before giving money, creditors will examine the same information to determine
whether a nonprofit organization is a good risk. The same data will be used by government
entities to charge taxes on for-profit businesses.
Most significantly, financial accounting is necessary, and because it is shared with others, it
must be accurate; therefore, financial accounting must follow widely recognized accounting
standards to prevent legal complications. Managerial accounting however, since it is used
internally, need not be quite so precise, nor is it mandatory. Thus, while organizations must
report financially accurate information to the public, they remain free to do as they wish for
internal planning purposes.

Functions
1. It Helps in Evaluating the Performance of Business
Your financial records represent the financial situation of your small business or corporation
as well as the results of operations. In other words, they assist you in gaining a better
understanding of your company's financial situation. Clean and current records will not only
help you keep track of spending, gross margin, and potential debt, but they will also allow
you to compare current data to past accounting records and allocate your budget accordingly.

2. It Ensures Statutory Compliance

Although state laws and regulations differ, efficient accounting systems and processes will
assist you in ensuring statutory compliance in your organization. Liabilities like as sales tax,
VAT, income tax, and pension funds, to name a few, will be treated effectively by the
accounting department.

3. It Helps to Create Budget and Future Projections

Budgeting and future estimates can make or break a company, and your financial records will
be critical in this regard. To maintain your operations profitable, business trends and
estimates are based on previous financial data. This financial data is most useful when it
comes from well-organized accounting operations.

4. It Helps in Filing Financial Statements

Businesses are required to file their financial statements with the Registrar of Companies.
Listed entities are required to file them with stock exchanges, as well as for direct and
indirect tax filing purposes. Needless to say, accounting plays a critical role in all these
scenarios.

The importance of ethics in accounting

Purpose
Accountants deal with the personal and business finances of individuals and businesses.
Some can handle multimillion-dollar deals, while others help cab drivers and social workers
protect their retirement assets.
Accounting professionals choose to adhere to ethical rules in order to improve their
profession, preserve public trust, and display honesty and fairness. People who join
organizations and obtain the credentials to present themselves to the public as CPAs or IIAs
are committed to upholding the profession's reputation.
Regrettably, not everyone in the accounting sector can be trusted. Daily breaches of public
and private trust occur, and ethical challenges aren't always resolved in a positive way.
The following are five areas that deserve the attention of anyone considering working in the
accounting profession;
1. Independence and Objectivity
In the accounting profession, ethics and independence go hand in hand. Making fair
decisions and recommendations that benefit the client is a crucial component of trust.
Conflicts of interest, for example, must be disclosed in accordance with the independence
rules. Profiting from the selling of one financial product over another could lead to a bias
in financial advice given to a client.
It is also vital to ensure that recommendations are not exposed to outside influence in
order to stay objective and independent. Subordinating one's professional judgement to
that of another jeopardizes an accountant's professional judgement.

2. Integrity
Integrity entails being direct and honest in all commercial and professional interactions.
Accountants must not identify themselves with information that they know is materially
inaccurate or misleading — or that misleads by omission — in order to maintain their
integrity.

3. Confidentiality
Unless there is a legal or professional need to do so, an accounting expert's disclosure of
financial information or revealing the disposition of a potential merger without express
authorization undermines the trust that is the core of a professional relationship.

4. Professional Competence
A professional accountant must keep up with changes in technology, regulation, and best
practices. To make sound decisions, an accountant must stay current on events that could
influence the outcome of a choice.
Due care entails acknowledging your competence level and not implying that you are an
expert in a field in which you are not. Consulting with other experts is a common
occurrence that helps to bind a group of people and build respect.
Accounting professionals who manage others should follow similar rules. These
accountants must guarantee that their employees are properly trained and guided in the
performance of their duties.

5. Professional Behavior
Accounting professionals must follow the rules and regulations that govern their domains
and bodies of work as a matter of ethics. Avoiding behaviors that could harm the
profession's reputation is a legitimate expectation that business partners and others should
have.

Importance of accounting for business stakeholders

In a single day, we make an astonishing number of decisions. Take, for example, what
you ate for breakfast this morning. What information was used to make the decision? A
quick list can include the foods you had on hand, how much time you had to prepare and
eat the food, and what sounded good to eat this morning. Let's pretend you don't have
much food in your house right now since you're behind on your grocery shopping.
Choosing to eat at a nearby restaurant opens up a whole new set of possibilities. Can you
think of any elements that might impact a person's decision to eat at a local restaurant?
Consumer behavior and decision-making have been the subject of several academic
research. It's a fascinating field of research that aims to figure out what form of
advertising works best, where a business should be located, and a variety of other
business-related tasks.
According to a study conducted by Cornell University researchers, people make over 200
food-related decisions per day.
This is remarkable given the number of decisions reported in this study that were only
linked to food decisions. Consider how many of our daily decisions are influenced by
other concerns, such as what to wear and how to get from point A to point B. Provide and
explain some of the recent food-related decisions you made for this exercise.

Solution
There are numerous options to consider while making food-related decisions. What kinds
of ethnic groups or styles, for example, do you prefer? Do you want a fine dining
experience or something quick and cheap? Do you struggle with food allergies? These are
just a few of the numerous options available to you.
When it comes to financial decisions, it's no different. To make effective decisions,
decision makers rely on unbiased, relevant, and timely financial data. In this sense, a
stakeholder is a person or group that makes decisions based on financial information
since they are often interested in an organization's or business's economic viability.
Stakeholders may be stockholders, creditors, governmental and regulatory agencies,
customers, management and other employees, and various other parties and entities.
 Stockholders
A shareholder is a person who owns stock in a company. Owners are referred to as
stockholders since they receive a stock ownership stake in the company in exchange for
cash. The term "stock" is occasionally interchanged with "shares." Stockholders used to
get paper certificates that listed the number of shares they owned in the company. Many
stock transactions are now documented digitally. Stock is discussed in further depth in
Introduction to Financial Statements. Corporation Accounting delves deeper into the
many types of stock as well as the accounting that surrounds stock transactions.
Remember that businesses can be categorised as for-profit, governmental, or non-profit.
Stockholders are a part of for-profit companies. While governmental and non-profit
organisations have constituents, these organisations do not have direct ownership.
Other decisions made by stockholders may be influenced by the company's nature.
Stockholders of privately held companies, for example, are frequently also employees,
and the decisions they make might range from day-to-day operations to longer-term
strategic decisions. Owners of publicly traded companies, on the other hand, are typically
solely concerned with strategic matters such as company leadership, acquisitions, and
CEO compensation agreements. In essence, stockholders are primarily concerned with
profitability, predicted stock value growth, and corporate stability.

Customers
Customers can have several meanings depending on one's perspective. Consider a store
that sells electronics for a moment. Customers buy electronic products from that
company. These clients are referred to as the product's end users. Customers, deliberately
or unknowingly, have an interest in the company's financial performance. When a
business succeeds financially, the customers benefit. Profitable businesses will continue
to provide the items that customers desire, maintain and enhance their buildings, employ
community members, and engage in a variety of other activities that contribute to a
healthy and vibrant community.
Customers are also businesses. In the case of the electronics store, the company buys its
products from other companies, including the electronics manufacturers. Business
customers benefit from suppliers who are financially successful, just as end-user
consumers benefit from suppliers who are financially successful. A financially successful
supplier will assist ensure that electronics are available for purchase and resale to end-
user customers, that investments in developing technologies are made, and that delivery
and customer service are improved. As a result, the retail electronics store can keep its
prices low while still offering a wide range of products to its clients.

Advantages to Accounting
Some negatives include the possibility of biased accounting information based on the accountant's
personal influence on the scenario. Another risk is that the current replacement cost and the initial cost
of a fixed asset can fluctuate due to a variety of factors such as technological advancements, time
management, and so on. The balance sheet does not necessarily reflect an organization's true financial
situation. An accountant also runs the danger of misleading or manipulating a company's earnings.
Because money fluctuates in value, accounting data may not necessarily reflect a company's true
financial status. It is possible that the information provided is not entirely correct. For a small business
or a start-up, hiring an accounting team can be prohibitively expensive. The accounting team also
presents a lot of information which can be used as evidence in legal matters that the firm may come
across in the future.

Disadvantages to Accounting
Some negatives include the possibility of biased accounting information based on the accountant's
personal influence on the scenario. Another risk is that the current replacement cost and the initial cost
of a fixed asset can fluctuate due to a variety of factors such as technological advancements, time
management, and so on. The balance sheet does not necessarily reflect an organization's true financial
situation. An accountant also runs the danger of misleading or manipulating a company's earnings.
Because money fluctuates in value, accounting data may not necessarily reflect a company's true
financial status. It is possible that the information provided is not entirely correct. For a small business
or a startup, hiring an accounting team can be prohibitively expensive. Another disadvantage is that
accounting takes away the privacy of a business since all accounts are shown to the general public and
their competitors.

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Disadvantages-of-Accounting.png

International Financial Reporting Standards

The International Financial Reporting Standards (IFRS) are a collection of accounting regulations for
financial statements that assist them to be uniform and transparent. It essentially lays out how
businesses must report their expenses and income. Investors, auditors, and government authorities all
understand this set of principles on a worldwide scale.
Importance of accounting to stakeholders
Accounting data can influence management decision-making in two ways: directly as a source of data
for choices, or indirectly through influencing managers' behaviour. Accounting enables stakeholders
to make better business decisions. They need to know how well the company is performing and
whether or not they should invest in it. Stakeholders also want to know if the company is making
more money than it is spending on resources. Another reason is that stakeholders require knowledge
of the management's strategic and tactical strategies.
LO2.
1. Partnership
Marcel and Naomi are in partnership. The partnership agreement states that the profits and
losses are shared, Marcel three-fifths, Naomi two-fifths. Interest on capital is allowed at the
rate of 4% per annum. Interest is charged on drawings (excluding salaries) made during the
year at the rate of 5%. Marcel receives a salary of $8000.
The following balances were extracted from the books on 30 April, 2019.

Purchases 184,000

Revenue 328,000

Purchases returns 17,500

Inventory at 1 May, 2018 31,300

Non-current assets (at cost)

Premises 90,000

Motor vehicles 80,000

Fixtures and fittings 52,000

Wages and salaries 46,000

Motor vehicle expenses 17,450

Provisions for depreciation

Premises 28,000

Motor vehicles 8,000

Fixtures and fittings 23,000

Provision for doubtful debts 600

General expenses 18,600

Marketing expenses 22,000

Trade payables 27,500

Trade receivables 36,000

Bank overdraft 28,500

Electricity and water 10,650

Insurance 6,500

Capital Accounts
 Marcel 80,000

Naomi 60,000

Current accounts at 1 May, 2018

Marcel 300 Credit

Naomi 5,100 Credit

Drawings

Marcel 10,000

Naomi 12,000

Additional information at 30 April, 2019

1. Inventory was $36,400
2. The annual insurance premium of $4,600 was paid on 1 November, 2018
3. General expenses, $1,150 were outstanding
4. Wages and salaries included the salary paid to Marcel.
5. Depreciation is to be charged on all non-current assets owned at the end of the year as
follows:

Premises 2% per annum on cost

Motor vehicles 25% per annum using the diminishing

(reducing) balance method

Fixtures and fittings 20% per annum using the straight-line

method

6. The provision for doubtful debts is to be maintained at 5%.

7. A cheque payment of $1,300, made to a credit supplier on 15 April, had not been
recorded in the books.

(a) Prepare the income statement and appropriation account for the year ended 30 April, 2019

Marcel and Naomi

Income Statement and Appropriation Account for the year ended 30 April, 2019
$ $

Revenue 328,000

Inventory 1 May, 2018 31,300

Purchases 184,000

Returns outwards (175,500)

197,800 (1)
Inventory 30 April, 2019 (36,400)

Cost of sales (161,400) (1)

Gross profit 166,600(1)OF

Less expenses:

General expenses 18,600 + 19,750(1)

1,150

Marketing 22,000(1)

Wages and salaries 46,000 - 38,000(1)

8,000

Motor vehicle expenses 17,450(1)

Electricity and water 10,650(1)

Insurance 6,500 - 2,300 4,200(1)

Depreciation: Premise 1,800(1)

Motor vehicles 18,000(1)

Fixtures and fittings 10,400(1)

Increase in Provision for 1,200(1)

doubtful debts

(143,450)
23,150

Profit for the year

Interest on drawings:

Marcel 500(1)

Naomi 600(1)

1,100
24,250

Interest on capital:

Marcel (3,200)(1)

Naomi (2,400)(1)
 (5,600)

Salary - Marcel (8,000)(1)

(13,600)
10,650

Share of Profit:

Marcel 6,390(1) OF

Naomi 4,260(1)
10,650

b) Prepare the current accounts for the year ended 30 April, 2019 on the next page. Balance the
accounts and bring down the balances on 1 May, 2019.
Current Accounts
Date Details Marcel Naomi Date Details Marcel Naomi

2019 $ $ 2018 $ $

April 30 Drawings 500 600 (1) May 1 Balance 300 5,100

interest OF b/d

Drawings 10,000 12,000 (1) 2019 Interest 3,200 2,400 (1)OF

April 30 on capital

Wages and 8,000 (1) Salary 8,000

salaries

Profit 6,390 4,260 (1)OF

share

18,500 12,600 18,500 12,600

May 1 Balance b/d 610 840 (1)

OF

c) Prepare the statement of financial position at 30 April 2019

Marcel and Naomi

Statement of Financial Position at 30 April, 2019
Cost Accumulated Net Book Value
Depreciation

Non-current assets $ $ $

Premises 90,000 39,800 50,200(1)OF

Motor Vehicles 80,000 26,000 54,000(1)OF

Fixtures and fittings 52,000 33,400 18,600(1)OF

222,000 99,200 122,800

Current assets

Inventory 36,400(1)

Trade receivables 36,000 (1)

Less provision for (1,800) (1)OF

doubtful debts

34,200

Other receivables 2,300(1)OF

72,900

Total assets 195,700

Capital and Liabilities

Capital:

Marcel 80,000

Naomi 60,000

140,000(1)

Current accounts:

Marcel (610)

Naomi (840)

(1,450)(1)OF

Current liabilities

Trade payables 26,200

(27,500 (1) - 1,300(1))

Other payables 1,150(1)OF

Bank overdraft 29,800

(28,500 (1) + 1,300
 (1))

Total Liabilities 57,150

195,700

2. Sole Trader
The following balances were extracted from the books of B Manufacturing on 30 September, 2019

Inventory at 1 October, 2018

Raw materials 7,900

Work in progress 18,000

Finished goods 31,000

Capital 160,000

Drawings 50,000

Revenue 475,000

Purchases of raw materials 47,000

Purchases of finished goods 71,000

Production management salaries 29,500

Administrative wages and salaries 117,550

Factory wages 55,300

Insurance 9,000

Rent payable 30,000

Commision receivable 8,750

Direct expenses 10,110

General expenses 12,000

Building repairs 18,000

Selling and distribution expenses 14,200

Trade payable 21,900

 Bank 11,100 Debt

Non-current assets (at cost)

Factory machinery 90,000

Office fixture 70,000

Provisions for depreciation at 1 October, 2018

Factory machinery 90,000

Office fixtures 70,000

Provisions for depreciation at 1 October, 2018

Factory machinery 26,000

Office fixtures 36,000

Provision for doubtful debts 6,000

Trade receivables 42,000

Additional information at 30 September 2019

1. Inventory

Raw materials 6,400

Work in progress 20,200

Finished goods 34,300

2. Expenses are to be apportioned to the factory and the office as follows:

Factory Office

Insurance 60% 40%

Rent payable 75% 25%

General expenses 10% 90%

Building repairs 70% 30%

3. Commission receivable of $1200 was due.

4. Selling and distribution expenses prepaid were $750
5. Depreciation is to be charged on all non-current assets owned at the end of the year as
follows;
factory machinery at 20% per annum using the diminishing balance method
 office fixtures at 10% per annum using the straight-line method
6. The provision for doubtful debts is to be maintained at the rate of 5%

7. A cheque, $2800 paid to a trade payable had not been recorded in the books.

a) Prepare the manufacturing account for the year ended 30 September 2019. Show clearly the
prime cost and the cost of production.
B Manufacturing
Manufacturing account for the year ended 30 September, 2019
$ $

Raw materials inventory 1 7,900

October, 2018

Purchases of raw material 47,000

54,900

Raw materials inventory 30 (6,400)

September, 2019

Cost of raw materials 48,500(1)

consumed

Factory wages 55,300(1)

Direct expenses 10,100(1)

Prime cost (1) 113,900(1)OF

Factory Overheads

Insurance 5,400(1)

Rent 22,500(1)

General expenses 1,200(1)

Building repairs 12,600(1)

Production management 29,500(1)

salaries

Depreciation-machinery 12,800(1)

84,00
197,900(1)

Work in progress

At 1 October, 2018 18,000

At September, 2019 (20,200)

(2,200)(1)
Cost of production (1) 195,700 (1)OF

b) Prepare the income statement for the year ended 30 September 2019
Income statement for the year ended 30 September, 2019
$ $

Revenue 475,000(1)

Less

Inventory of finished goods 31,000

1 October, 2018

Cost of production 195,700(1)OF

Purchases of finished goods 71,000(1)

297,700

Inventory of finished goods (34,300)

30 September, 2019

Cost of sales (263,400)(1)

OF

Gross profit 211,600

Commission receivable 9,950(1)

8,750+1,200

Decrease in provision for 3,900(1) 13,850

doubtful debts 225,450

Less expenses:

Insurance 3,600(1)

Rent 7,500(1)

General expenses 10,800(1)

Building repairs 5,400(1)

Administrative wages and 117,550(1)

salaries

Selling and distribution 13,450(1)

expenses 14,200-750

Depreciation - office fixtures 7,000(1)

(165,300)

Profit for the year 60,150

 c) Prepare the statement of financial position on 30 September, 2019.
Statement of Financial Position at 30 September, 2019
Non-current Cost Depreciation Accumulated Net Book Value
assets Value

$ $ $

Machinery 90,000 38,800 51,200(1)OF

Office fixtures 70,000 43,000 78,200

160,000 81,800

Current Assets

Inventory Raw materials 6,400}

Work in progress 20,200}

Finished goods 34,300}

60,900(1)

Trade receivables 42,000

Provision for (2,100)(1)OF

doubtful debts

39,900(1)OF

Other receivables 1,200(1)+750(1) 1,950

Bank 111,100(1) - 8,300

2,800(1)

Total assets 111,050

189,250

Capital 160,000

Profit for the year 60,150

220,150

Drawings (50,000)

170,150 (1)OF

Current liabilities

Trade payables 21,900 (1) - 2,800 19,100

(1)

Total capital and 189,250

liabilities
3. Non profit organisation

The treasurer of the Long Lane football club has prepared a receipts and payments account, but
members have complained about the inadequacy of such an account. She therefore asks an accountant
to prepare a trading account for the bar, and an income and expenditure account and balance sheet.
The treasurer gives the accountant a copy of the receipts and payments account together with
information on assets and liabilities at the beginning and end of the year.

Long Lane Football Club

Receipts and Payments Account for the year ended 31 December 2006

Receipts £

Bank balance at 1.1.2006 524

Subscriptions received for

2005 (arrears) 1,400

2006 14,350

2007 (in advance) 1,200

Bar sales 61,280

Donations received 800

79,554

Payments

Payment for bar supplies

Wages

Groundsman and assistant 19,939

Barman 8,624

Bar expenses 234

Repairs to stands 740

Ground upkeep 1,829

Secretary's expenses 938

Transport costs 2,420

Bank balance at 31.12.2006 6,210

79,554
Additional information:
1.
31.12.2005 31.12.2006

£ £

Inventory in the bar - at cost 4,496 5,558

Owing for bar supplies 3,294 4,340

Bar expenses owing 225 336

Transport costs - 265

2. The land and football stands were valued at 31 December 2005 at: land £40,00; football stands
£20,00; the stands are to be depreciated by 10 per cent per annum.
3. The equipment at 31 December 2005 was valued at £2,500, and is to be depreciated at 20 per cent
per annum.
4. Subscriptions owing by members amounted to £1,400 on 31 December 2005, and £1,750 on 31
December 2006.

a) Draw up a statement of affairs at the end of the previous period in order to identify the
balance on the Accumulated Fund brought forward to 2006.

Statement of Affairs as at 31 December 2005

£ £

Non-current assets

Land 40,000

Stands 20,000

Equipment 2,500
62,500

Current assets

Inventory in bar 4,496

Accounts receivable for 1,400

subscriptions

Cash at bank 524

6,420
71,920

Total assets

Current liabilities
Accounts payable 3,294

Bar expenses owing 225

Total liabilities (3,519)

Net assets 65,401

Accumulated fund (difference) 65,401

Long Lane Football Club

Bar Trading Account for the year ending 31 December, 2006

£ £

Sales

Less Cost of goods sold: 61,280

Inventory 1.1.2006 4,496

Add purchases 39,666

44,162

Less Inventory 31.12.2006 (5,558)

Gross Profit (38,604)

22,676

Less Bar expenses 345

Barman’s wages 8,624

Net profit to income and (8,969)

expenditure account 13,707

Purchases Control

Cash 38,620

Balances c/d 4,340

= 42,960

Balances (creditors 3,294

b/d)
Trading account ( 39,666
difference) = 42,960

Bar Expenses

Cash 243

Balance c/d 336

= 570

Balances b/d 225

Trading account (difference) 345

=570

Long Lane Football Club

Income and Expenditure Account for the year ending 31 December, 2006

£ £ £

Income 16,100

Subscriptions for 2006 13,707

Donations received 800

30,607

Less Expenditure

Wages - Groundsman 19,939

and assistant

Repairs to stands 740

Ground upkeep 1,829

Secretary’s expenses 938

Transport costs 2,685

Depreciation

Stands 2,000

Equipment 500

2,500

(28,631)
 1,976

Subscriptions Received

Balance (accounts receivable) b/d 1,400

Income and expenditure (difference) 16,100

Balance (in advance) c/d 1,200

18,700

Cash 2005 1,400

2006 14,350

2007 1,200

Balance (accounts receivable) c/d 1,750

18,700

The Long Lane Football Club

Balance Sheet as at 31 December, 2006

£ £

Non-current assets

Land at valuation 40,000

Football stands at valuation 20,000

Less Depreciation (2,000)

18,000

Equipment at valuation 2,500

Less Depreciation (500)

Current assets 2,000

60,000

Inventory of bar supplies 5,558

Accounts receivable for 1,750

subscriptions
Cash at bank 6,210

13,518
Total assets 73,518

Current Liabilities

Accounts payable for bar 4,340

supplies

Bar expenses owing 336

Transport costs owing 265

Subscriptions received in 1,200

advance

Total liabilities (6,141)

Net assets 67,377

Accumulated fund

Balance as at 1.1.2006 65,401

Add Surplus of income over 1,976

expenditure 67,377
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