February 2007
Intermediate to advanced
288 pages
6h 32m
English
book
Crash Course in Accounting and Financial Statement Analysis, Second Edition
by Matan Feldman, Arkady Libman
Content preview from Crash Course in Accounting and Financial Statement Analysis, Second Edition
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Assumption 1: Accounting Entity
A company is considered a separate “living” enterprise, apart from its owners. In other words, a corporation is a “fictional” being:
It has a name.
It has a birthdate and birthplace (referred to as incorporation date and place, respectively).
It is engaged in clearly defined activities.
It regularly reports its financial health (through financial reports) to the general public.
It pays taxes.
It can file lawsuits.
Advanced Discussion: Why Assume “Accounting Entity”?Provides ContextThe accounting entity assumption enables users of financial reports to tell whose financials they are reviewing and therefore places those financials into context. Promotes OwnershipThe assumption of a company as a separate economic entity promotes ownership in the business, since its current and future owners know that their financial liability is limited to the value of their investment while they are legally shielded from any potential lawsuits brought against the company. |
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