A fresh look at the principles of accounting

Article Abstract:

It is important to make a distinction between accounting theory (which can be universally applied) and accounting conventions and principles (which apply locally). One should also distinguish between trading entities and an individual person. The economic activity of a country consists of the sum total of the production, distribution, and consumption cycles. This economic activity can be referred to as the buying, conversion, and distribution cycle (BCS cycle). Goods, services, and materials flow in an opposite direction from that in which money flows. The entity is static, whereas the BCS cycle is dynamic. The term 'state' is used to denote the balance of an obligation or an asset in terms of quantity or money or both. Ledger accounts can be classified into stative and transitive accounts. Holding gain is part of realized gain. The accounting system as a continuous analog is also discussed.

Services, Accountants, Great Britain

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Managing change

Article Abstract:

Professional services firms have developed new management structures to deal with changing economic conditions, e-business and globalization.

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Walking the audit tightrope

Article Abstract:

Issues concerning the benefits to business of auditing rather than undertaking basic accounting are discussed.

Business, Accounting and auditing

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