Understanding Accounting Principles and Theories

The provided document is a detailed report on financial accounting concepts and paradigms. It includes a list of references to books, journals, and online resources that provide in-depth information on the topic. The assignment aims to understand the fundamental point of understanding this idea by setting up this report. It also provides a summary of key points related to financial accounting principles, theories, and paradigms.

FINANCIAL ACCOUNTING

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
BUSINESS REPORT......................................................................................................................1
1: Financial accounting and its purpose......................................................................................1
2. Regulation associated with financial accounting ...................................................................2
3: Accounting rules and principles..............................................................................................3
4. The conventions and concepts relating to
consistency and material disclosure...........................................................................................5
CLIENT 1........................................................................................................................................6
CLIENT 2......................................................................................................................................14
........................................................................................................................................................16
CLIENT 3......................................................................................................................................16
CLIENT 4......................................................................................................................................18
CLIENT 5......................................................................................................................................20
CLIENT 6......................................................................................................................................22
CONCLUSION..............................................................................................................................24
REFERENCES..............................................................................................................................25

INTRODUCTION
Financial accounting is necessarily requirement of an organisation which enables them in
acquiring knowledge about its actual financial performance or position at current time period
(Zeff, 2016). It can be done through preparing financial accounts such as Profit & Loss a/c,
Balance sheet, Cash Flow statement etc. on specific time period. It is mandatory for all
organisation to prepare such financial reports. The accountants of an organisation are held liable
to follow all such principles and rules associated with preparation of financial reports so that an
accurate and reliable information can be available for the parties outside of an organisation such
as creditors, suppliers, investors etc. The present assignment report is based on the accounting
principles and its role in preparation of financial reports. The project includes brief description of
financial accounting along with its purpose. The project also describes conventions and concepts
related with consistency and material disclosure. In addition, with this, Book-keeping system,
ledger accounting, double entry system etc. are explained under this report. Apart from this
financial reports which includes income & expenditure, balance sheet is also practically
evaluated following all accounting concepts and principles.
BUSINESS REPORT
1: Financial accounting and its purpose
Financial accounting: It is a method of identifying actual financial performance of an
organisation through making of various financial reports. It is mandatory for all organisation to
maintain financial accounts on timely basis as it is more useful for external parties of an
organisation such as investors, creditors, suppliers etc. to make decision regarding giving an
appropriate support in achieving growth and expansion in competitive market.
There are various accounting principle and rules are formulated which need to be comply
by an accountant while preparing financial statements of an organisation (Stice and Stice, 2013).
Therefore, if not allowed then the chances of errors or mistakes are more in financial reports due
to which it may difficult for interested parties to interpret and understand in better manner. Such
financial reports include:
Cash Flow statement: It is a statement prepare with a motive of identifying cash
generation and cash expenditure in business activities on specific time period such as monthly,
quarterly or yearly. Such statement consists of three headings which includes cash flow from
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operations, investment and finance. It includes all those transactions which are transacted in
monetary terms.
Income and expenditure account: It is a statement also called as profit and loss a/c
showing all details related with income earned and expenditure incurred in business operations.
It is prepared to ascertain surplus or deficit of income over expenditures for a specific time
period. It is prepared on accrual basis which means all incomes and expenses incurred during an
accounting year whether it has been actually paid and received or not are taken into
consideration (Skogstad and et. al., 2011).
Financial position statement: It has another name called as Balance sheet which shows
the exact financial position of company towards the external parties of an organisation. It is
similar to the basic accounting equation such as Assets= Liabilities + Net assets. Such statement
reflects the basic accounting principles and guidelines which includes cost, matching, and full
disclosure principle. It plays an important role in finding out the investors in market through
representing their actual financial position with their assets and liabilities in figures.
Change in equity statement: Such statement is a reconciliation of the beginning and
ending balances associated with company equity capital during a reporting period. It is more
useful in finding out the fluctuations in equity and share capital of company. As it is not
considered as essential part of monthly financial statement thus it is most likely of all the
financial statements not to be issued (Scott, 2015). The calculation structure of the statement is
under as given:
Beginning equity + Net income – Dividends +/- Other changes
2. Regulation associated with financial accounting
Rules and regulation are very important to follow in every business organisation. So each
accountant is bounded to follow necessary regulation that are made by concern agencies of board
to record every single transaction in correct manner.
 IASB- The international accounting standard board is an independent, private sector
body that is develop for the purpose of controlling and management for recording
necessary records. The IABS framework have been approved by the IASC Board in April
1989. Basic purpose of this body is to provide proper guidance and knowledge for
development of new and effective standard that can be further applied in preparing
financial statement.
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Some of the basic conceptual framework of IASB are such as:
 helps board in developing future international financial reporting standard and review
report.
 Helps board of directors in establishing the concepts of regulation, accounting standard,
procedure and method related to the formation of financial statements
 helps the national committee in formation of national standard
 helps the auditor to give their opinion on the statements whether IFRS standard have
complied while preparing statement.
 Help the creditor, investor employee etc. of the statement
3: Accounting rules and principles
Accounting rules: It is such a guidelines formulated by different international bodies
such as FASB and IASB in order to maintain accounting practices in more consistent way that
will bring easiness for interested parties to an organisation to understand in more effective
manner (Simnett and et. al., 2011). It directs an accountant to record all business transactions in
financial reports following all prescribed rules and regulations so that it brings meaningful
information towards external as well as internal parties. Such accounting rules are given as
under:
Debit the receiver, credit the giver: It is the rule which states that when an individual
receives or collects resources called as debtor will be recorded as debit transaction whereas an
individual pays or give something called as creditor will be recorded as credit transaction. This
rule is taken personal accounts into consideration (Oulasvirta, 2014).
Debit all expenses and losses, credit all income and gains: It is the rule which states that
all expenses and losses of company are debiting the transactions in financial statements whereas
income earned and gains by company are required to credit the transaction. In this rule, nominal
account is taken into consideration.
Debit what comes in, credit what goes out: This is the rule which states that if company
acquire any assets then such transaction will be recorded as debit whereas selling or transferring
of assets will be recorded as credit under the financial statements. In this rule, real accounts are
taken into consideration.
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Accounting principles:
Principles of conservatism: It is such a concept which determines that expenses and
liabilities of company are recorded in books of accounts when it has been recognised not when
outcomes have been actually received. While the assets and revenues of company will be
recorded in financial statements when it has been actually received or collected.
Cost principle: According to such principle, all assets, liabilities and equity capital
investment will be recorded at their purchasing price and avoid market price. Due to this, it is all
called as historical cost principle (Openshaw, 2013). For an instance, the cost of price of
machinery is 200000 in the year 2010 which increased to 250000 in the year 2018 thus while
accounting of such asset the historical value should be considered i.e. 200000.
Going concern: Such principle is based on the assumption that an organisation will be
able to continue its business operations for a period of time which may sufficient to fulfil all
commitments, obligations, desired objectives etc. In other words, an organisation if seen in
future that there is no chance of liquidation in the foreseeable future is considered as going
concern concept (Narayanaswamy, 2017).
Monetary unit: This is the principle which states that an accountant must record
transactions which are made in monetary terms as quick as possible so that cash outflow and
cash inflow within an organisation are easily identified. For example, acquiring raw materials for
the production process in exchange of cash payment. Thus, transactions done in other form of
payment which includes barter system are required to be ignored.
Full disclosure: It states that any transaction made by company should be recorded in
financial statements with necessary information which facilitates people to understand and make
effective decisions for the betterment of an organisation. GAAP directs management to provide
all details and information about the company to external users in order to assist them in making
valuable decision (Mulford and Comiskey, 2011).
Matching principle: It states that all expenses and revenues should be recognized
together in the same period. In other words, such principle requires that an organisation must
record expenses in the period in which related revenues are earned. It is considered as the heart
of accrual basis of accounting. It is essential to match expenses with revenues due to net income.
If expenses are not recorded properly in the correct period then net income may be either
overstated or understated (May, 2013).
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Revenue recognition principle: It states that revenues must be recognised at the time
when they are identified rather at the period of receiving. For an instance, revenue will be
recorded at the time of selling goods and services and not when the payment has been received
actually or not.
Materiality: It states that an accountant should consider relevant and material
information and record it in financial statements so that meaningful information are given to
external parties of an organisation. Irrelevant and immaterial information should be ignored
(Liao and et. al., 2014).
Time period assumption principle: According to such concept, an organisation must
report their financial results of their activities over a standard period of time which may either
monthly, quarterly or annually. As per the guidelines of GAAP, the management are required to
record transactions within each period of time when it occurred.
Economic entity assumption: It is based on assumption that an organisation and owner
of business are distinct and separate from each other thus both are not liable to pay each other’s
liabilities (Kieso and et. al., 2015).
4. The conventions and concepts relating to consistency and material disclosure
Conventions are considered as a culture and trends which are followed from past decades
and time in general context. In accounting context trends and costumes are considered as
developments which are followed in accounting (Accounting conventions, 2018).
Convention of materiality: This convention stands for disclosure of all the relevant
information and aspects associated with facts and elements used in organisational context. It
implies that all the material information is taken in consideration to make viable and reliable
accounting records form stakeholder’s perspective. Material information regarding the policies
and procedures followed for effective operation and management are considered to elaborate and
execute the information in a single format.
Convention of Disclosure: This convention stands for the accounting practices and
orders followed by organisation to incorporate and consolidate information. As per this
convention it is considered that an accounting procedures and policies which are followed by
organisation must be trailed by the organisation in longer run. There should be consistency
retained by the organisation for effective accounting (Jones, ed., 2011).
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CLIENT 1
a) Book of primary entries
Date Particular Dr Cr
01/07/18 storage cost 800
to bank 800
02/07/18 purchase a/c 7310
to accounts payable 7310
03/07/18 accounts receivable 10740
to sales 10740
04/07/18 expenses 1170
to cash 1170
07/07/18 Drawing a/c 2500
to cash 2500
09/07/18 accounts receivable 3390
to sales 3390
11/07/18 sales a/c 1780
to J Wilson 870
to F syme 910
14/07/18 van a/c 28500
To Abel motor ltd 28500
16/07/18 bank a/c 1330
sales discount 70
to P games a/c(5% discount) 1400
16/07/18 bank a/c 2945
sales discount 155
to F steel(5% discount) 3100
16/07/18 bank a/c 807
sales discount 43
to J Wilson (5% discount) 850
16/07/18 bank a/c 1586
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sales discount 84
to F syme (5% discount) 1670
19/07/18 R foot 500
to purchase 500
20/07/18 purchase a/c 3740
to accounts payable 3740
24/07/18 S Lyle a/c 3600
to purchase discount(10% discount rec) 360
to bank 3240
24/07/18 J brown 4600
to purchase discount(10% discount rec) 460
to bank 4140
24/07/18 R foot 1400
to purchase discount(10% discount rec) 140
to bank 1260
27/07/18 salary a/c 4800
to bank 4800
30/07/18 business rate a/c 1320
to bank 1320
31/07/18 Abel motor a/c 20500
to bank 20500
b) Ledger posting
Storage cost
Date Particular Amount Date Particular Amount
01-05-16 To bank 800 01-05-17 By balance c/d 800
800 800
Sales a/c
Date Particular Amount Date Particular Amount
03-05-16 By J. Wilson 1520
By T. Cole 1940
By F. Syme 2980
By J. Allen 1110
By P. White 2420
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By F. Lane 770
09-05-16 By T. Cole 1480
By J. Fox 1910
20-05-16 By L. mole 1830
01-05-17
To Balance
C/d 17870 by W. Wright 1910
17870 17870
Bank a/c
Date Particular Amount Date Particular amount
16/07/18
31/07/18
To P Games a/c
To F Steel a/c
To J Wilson a/c
To F Syme a/c
To balance c/d
1330
2940
810
1590
29390
01/07/18
24/07/18
27/07/18
30/07/18
31/07/18
By storage cost a/c
By S Lyle a/c
By J Brown a/c
By R Foot a/c
By salaries a/c
By business rates a/c
By Abel motors a/c
800
3240
4140
1260
4800
1320
20500
36060 36060
Purchase a/c
Date Particular Amount Date Particular amount
02/07/18
20/07/18
To S Lyle a/c
To D Rain a/c
To W Sone a/c
To R Foot a/c
To L Mole a/c
To W Wright a/c
1850
2860
990
1610
1830
1910
30/07/18 By balance c/d 9440
9440 9440
Salaries a/c
Date Particular Amount Date Particular amount
27/07/1 To bank a/c 4800 31/07/18 By balance c/d 4800
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8
4800 4800
Motor exp a/c
Date Particular Amount Date Particular amount
04/07/1
8
To cash a/c 1170 31/07/18 By balance c/d 1170
1170 1170
Cash a/c
Date Particular Amount Date Particular amount
31/07/1
8
To balance c/d 3670 04/07/18
07/07/18
By motor expenses a/c
By drawing a/c
1170
2500
3670 3670
Business rates a/c
Date Particular Amount Date Particular amount
30/07/1
8
To bank a/c 1320 31/07/18 By balance c/d 1320
1320 1320
S Lyle a/c
Date Particular Amount Date Particular amount
24/07/18 To bank a/c
To discount a/c
3240
360
02/07/18
31/07/18
By purchase a/c
by balance c/d
1850
1750
3600 3600
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R Foot
10

11

12

13

c) Trial balance
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CLIENT 2
a) The Statement of profit or loss for Sierra Laurent for the year ended 31st July 2018
Income statement of Sierra Laurent for 31st July 2018
Particulars Details Amount
Sales 1750000
Less Cost of sales
opening inventory 40500
Purchase 1050800
1091300
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Closing stock -38640 -1052660
Gross profit 697340
Less Expenses
Wages and
salaries 144000
add outstanding 2220 146220
Motor expenses 68000
Administration
expenses 20000
Heating and
lighting 6200
Advertising
expenses 14800
less: Prepaid expenses -7470 7330
Depreciation
Premises 8000
Equipment’s 28000
Motor vehicles 6200 42200 -289950
Operating profit 407390
Working notes:
1. Depreciation
 Depreciation on premises = 2% on cost
=2% * 40000 = 8000 add to accumulated depreciation
 Depreciation on equipment = 10% * 280000 = 28000
 Depreciation on motor vehicle = 20% * (cost – accumulated depreciation)
= 20% * (45000-14000) = £6200
2. Adjustment of accrued Wages and salaries = 144000+2220 = 146220
3. Prepaid expenses administration expense = 14800 – 7470 = 7330
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b) The Statement of Financial Position for Sierra Laurent as at 31st July 2018
CLIENT 3
a) The Statement of Profit and Loss of LMS Ltd., for the year ended 31 July 2018
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b) The Statement of financial Position of LMS Ltd., as at 31 July 2018
Assets Amount
Non-current assets
land and building 1585000
acc dep 325000
dep 29200 1230800
plant 875000
acc depreciation 54500
depreciation 164100 656400
current assets
Stock 31st dec2017 38000
bank
trade receivable 125600
Prepaid expenses 3000
total 2053800
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Liabilities Amount
Owner equity
capital 1200000
net profit 203800
retained 95000
share pre 450000 1948800
current assets
Trade payable 105000
Total 2053800
c) Explain the following accounting concepts: ‘consistency’ and ‘Prudence’
Consistency
Consistency is the concept that mean in accountancy once we adopt an accounting
method that must be applied consistently in future. Those methods and techniques must be used
for similar situation for better result. This principal enables management to make result and
conclusion regarding the working of organisation over a longer period. It allows a comparison in
the performance of different year. In other words, if accounting process keeping in change for
preparing financial statements of different year then the results will not be comparable because
of different postulates (Huizinga and Laeven, 2012).
Prudence
This accounting principle allows recording expenses and liabilities as soon as possible,
but the revenues only when they are realised. This concept is very fundamental as it increases the
trustworthiness of the figures that reported in the financial statements of a business. In simple
words the business must not overvalue its profit and assets until evidence is obtained, as well as
it must it must not undervalue its losses and expenses and must record even if there is a
possibility of occurrence exists (Horngren and et. al., 2012).
d) Purpose of depreciation in formulating accounting statements
Deprecation is the reduction in value of assets over a period of time because of continue
use, wear and tear, depletion or other such factors. Business may depreciate their assets for both
accounting and tax purpose. For tax purpose, it is treated as an expense that will lower
company’s net income as there will be less income tax to pay. For accounting purpose, assets
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deprecation help business to recover the total cost of an assets over the useful life through
periodic depreciation expense (Hall, 2012). These expense are treated as non-cash charge against
revenue, which allow company to maintain a fund for future assets replacement.
Some type of deprecation is stated below:
 Straight line method- This depreciation method charges cost evenly throughout the
useful life of a fixed asset. With this method, the value of asset is reduced continuously
over each period until it reaches its scrap value. It is calculated by simply di9viding the
cost of an asset, less its salvage value, by the useful life of the asset.
 Written down value method (WDV)- Under this method, depreciation is charged at
fixed rate on reducing balance method in every year. The balance is brought forward
from the previous year and a rate fixed for deprecation helps in decreasing charge over
the useful life of asset (Hale, Hale and Held, 2012).
CLIENT 4
(a) The purpose of preparing the Bank Reconciliation
Bank reconciliation statement is a format which present information and details regarding
changes and evaluates differences in various forms such as discovering the difference between
the cash and bank balance. Bank reconciliation is prepared to analyse the balance of both cash
book retained by the owner and the bank pass book record by bank. There is an evaluation of
closing balances done in the end of each month to analyse difference creating factors and areas.
Bank reconciliation statement helps in identifying the areas and reasons which creates
differences in cash and pass book. There are types of information and details that are considered
and operated in single format to derive the skills and management for better operations.
It helps to prevent unwanted expenditures bared by association. It helps to track the
monthly details and information associated with cash are considered in this report (Francis and
et. al., 2013).
(b) Areas which creates difference between balance
There are a couple of causes by which differentiates in these books happen, some of them
are talked as takes after:
Bank charges: Bank charges are costs which are charged by the relationship against the
organizations which are given by bank. A portion of the time these thinking is not passed on to
the client as a result of qualification in these books happen.
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Deposit in transition: Deposit in go suggests the cash got by bank anyway is as of now
advance. This slip-up is the delayed consequence of bungle which conventionally occurs on
latest day of reliably. For example, client A has store 500 euros in the bank anyway portion is in
the change system.
Remarkable check: Outstanding checks are the checks which are drawn by the client yet
not yet showed for portions or not yet cleared by the banks. For example, client A has drawn a
check of 500 euros which is recorded in pass book yet not cleared by the bank (Fourie, and et.
al., 2015.).
(c) BRS and cash book
1) Kendal Ltd.’s cash book for July 2018
Interpretation:
Bank Reconciliation proclamation is a coordinating procedure which includes the
contrasts between the equalizations of bank explanation and association's bank articulation on a
particular date. Organization ought to be performed on a monthly premise so that they can check
their exchanges are effectively recorded in both organization and bank explanations or not.
Following are where organization records are differing from bank articulations:
 Check of 870 paid to C Lyons yet overlooked to be recorded in bank articulations.
 Instalment of 1050 made by bank for coordinate charges rates yet not recorded in
organization's book.
 Money got of sum 1710 from deals however not recorded in bank explanation.
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 Money paid to C David of sum 1220 however not deducted from bank explanation.
 Money paid to S Leeming of sum 1160 however not recorded in bank explanation.
 Bank charges of sum 360 paid by bank however not recorded in organization's book.
 In view of above territories there is a distinction of 2200 between Company's and Bank
Statement.
2) Prepare a bank reconciliation statement at July 2018
CLIENT 5
a) Ledger control accounts
Ledger control accounts are prepared to keep the consolidated records and information in
a single format. A detailed analysis and control accounts are prepared subject to analyse the
subsidiary accounts and summarised at one place. Balance summary and the accounts are taken
in to consideration to provide accurate and right information from various store and forms. Main
purpose of ledger control accounts is prepared to keep the general ledger free of details rather
than collecting financial statements.
Sales ledger control account: To incorporate and collect the information of each
customer and debtor sales ledger control accounts are prepared. This account is prepared to
analyse and incorporate the information from different sections and merge in particular account.
It provides information about the collection of amount form customers and debtors in near
future. It mainly helps in differ and consolidate details and information to sort out decisions and
manage accounts in the form of notes and summary reports.
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Particular Amount Particular Amount
Detail
To balance b/f 22600 By general ledger
To general ledger bad debts 1120
sales 162350
Receipt from credit
customer 149610
discount allowed 1380
sales return 17320
set off 1330
By balance c/f 14190
184950 184950
Purchase ledger control account: Purchase ledger accounts helps in collecting the
information and consolidating the in purchase ledger accounts so that the amount to be paid to
creditors analysed in proper manner. There is a particular step and procedure is followed in terms
of organising and dividing the accounts in ledger control accounts.
Particulars Amount Particulars Amount
To general ledger Balance b/f 19160
discount rec 1290 By general ledger
purchase return 11110 purchase 126500
Payment to supplier 110010
Refund received from
supplier 1400
set off 1330
To balance c/f 23320
147060 147060
b) Need of control accounts
Control accounts are prepared in terms of analysing and consolidate the information form
various department and sections and incorporates the accounts in a single format. It is difficult
for the organisations to control and operate accounts of each debtor and creditors. There are
types of errors and challenges that are faced by organisations in terms of managing details and
23

information from individual debtor and creditor. To analyse and evaluate the difference of each
department and section it is considered to consolidate information in general account. General
ledger control accounts do not need to retain information and details of each customer and client.
CLIENT 6
(a): Term of suspense account
Suspense accounts are prepared to analyse the uncleared accounts and temporary
accounts and complete doubtful amounts. The nature of suspense account is found as contingent
accounts which remains associated with analysing profitability and discrepancies for various
forms. When final accounts are prepared then uncleared and suspense amounts are considered in
suspense accounts which is later on consolidated and summarised in a single format.
(b): Trial balance
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(c): Suspense account:
(d): Comparison
Suspense account Clearing account
Suspense account is recognised as an
account cleared out in a regular basis and to
be compensated further more. It is important
for organisations to clear the accounts up to
zero balance
Clearing accounts are like a general ledger that
is utilised as an admonisher for the goods and
services sold to clients and customers. Those
transactions and details are considered in
clearing accounts which remains avoided in
recording in books.
The payments which remains uncounted are
considered in suspense account.
This is mainly prepared to track ongoing
projects.
CONCLUSION
From the above project report, it has been considered that Finance associated accounting
standards are the midpoint of accounting process as it gives different rules and structures to
recording exchanges in books. Different standards and controls are examined in this report which
are created by administrative specialists, for example, IFRS and GAAP. Ideas and traditions, for
example, consistency and reasonability can help in creating solid and exact records which at last
serves the plan of picking up trust of outer related gatherings, for example, banks and
speculators. By setting up this report, the fundamental point of understanding this idea is
satisfied.
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