By John Kind
This consultant goals to be a simple yet thorough creation to accounting and finance. a level of practicality and relevance has been brought with an international concentration in order that company humans can achieve a transparent standpoint at the functionality accountancy performs within the working of a firm. A word list of monetary phrases contains new thoughts and definitions and different positive aspects contain: revenue and loss debts; stability sheets; funds move statements; traders' functionality measures; inventive accounting; and budgeting.
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Additional info for Accounting and Finance (Fast Track MBA)
The bad debt provision is charged as an expense in the profit and loss account. It is also deducted from the full value of the trade debtor so that the amount stated in the balance sheet for trade debtors is after deducting the bad debt provision. In Unilever’s case, this comes to £2,545 million. The other debtors due within a year are pre-payments – payments made in advance of goods and services being received – such as utility bills for electricity and telephones. This comes to £908 million, so that the total debtors’ figure in the balance sheet is £3,453 million (£2,545 million plus £908 million ).
Also, it overstates profit in the profit and loss account since the depreciation charge, which is based on the original cost of the asset, is too low. In the case of Unilever, for the year to the end of December 1997, its fixed assets would have been 17 per cent higher on what is called a ‘current cost’ basis. The change in the depreciation charge would have been even more significant. It would have been 27 per cent higher. 40 Financial statements in more detail It is important to realize that a balance sheet is not a statement of value.
Since the number of ordinary shares has increased, the share price will fall pro rata. Companies arrange scrip issues to increase the marketability of their shares. Authorized capital is the total amount of share capital which the directors are empowered to issue. For Unilever, it is £437 million. Ordinary shares have no fixed dividend rate so that dividend distributions usually follow the trend in earnings. Only a proportion of the earnings is normally paid out in the form of dividends. The balance is the profit retained for the year and it is added to the shareholders’ interest.
Accounting and Finance (Fast Track MBA) by John Kind