Accounts Demystified - The Astonishingly Simple Guide to Accounting.pdf

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Accounts
Demystified
The astonishingly simple
guide to accounting
Fifth edition
ANTHONY RICE
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PEARSON EDUCATION LIMITED
Edinburgh Gate
Harlow CM20 2JE
Tel: +44 (0)1279 623623
Fax: +44 (0)1279 431059
Website: www.pearsoned.co.uk
First published in Great Britain in 1993
Fifth edition published 2008
© Anthony Rice 2008
The right of Anthony Rice to be identified as author of this work has been asserted by him in
accordance with the Copyright, Designs and Patents Act 1988.
ISBN: 978-0-273-71492-7
British Library Cataloguing-in-Publication Data
A catalogue record for this book is available from the British Library
Library of Congress Cataloging-in-Publication Data
A catalog record for this book is available from the Library of Congress
All rights reserved. No part of this publication may be reproduced, stored in a retrieval
system, or transmitted in any form or by any means, electronic, mechanical,
photocopying, recording, or otherwise without either the prior written permission of the
publishers or a licence permitting restricted copying in the United Kingdom issued by the
Copyright Licensing Agency Ltd, Saffron House, 6–10 Kirby Street, London EC1N 8TS. This
book may not be lent, resold, hired out or otherwise disposed of by way of trade in any
form of binding or cover other than that in which it is published, without the prior consent
of the Publishers.
10 9 8 7 6 5 4 3 2 1
11 10 09 08
Typeset by 30
Printed in Great Britain by Henry Ling Ltd., at the Dorset Press, Dorchester, Dorset.
The publisher’s policy is to use paper manufactured from sustainable forests.
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This book is dedicated to Charlotte
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Contents
Preface
xi
Acknowledgements
xii
Prologue
xiii
Introduction
xv
Part 1: The basics of accounting
1 The balance sheet and the fundamental
principle
3
Assets, liabilities and balance sheets
4
Sarah’s ‘personal’ balance sheet
4
The balance sheet of a company
7
The balance sheet chart
10
Summary
12
2 Creating a balance sheet
13
Procedure for creating a balance sheet
13
SBL’s balance sheet
14
The different forms of balance sheet
38
Basic concepts of accounting
40
Summary
42
3 The profit & loss account and cash flow
statement
43
The profit & loss account
43
The cash flow statement
45
‘Definitive’ vs ‘descriptive’ statements
46
Summary
48
vi
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CONTENTS
4 Creating the profit & loss account and
cash flow statement
49
Creating the profit & loss account
49
Creating the cash flow statement
53
Summary
61
5 Book-keeping jargon
63
Basic terminology
63
The debt and credit convention
66
Part 2: Interpretation of accounts
6 Wingate’s annual report
75
Accounting rules
76
The reports
77
Assets
78
Liabilities
86
Shareholders’ equity
91
Terminology
93
The P&L and cash flow statement
94
The notes to the accounts
99
Summary
100
7 Further features of company accounts
101
Investments
102
Associates and subsidiaries
104
Accounting for associates
105
Accounting for subsidiaries
107
Funding
108
Debt
109
Equity
111
Revaluation reserves
113
Statement of recognised gains and losses
115
vii
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