In Chapter 1 we discussed the objectives of accounting reports and the influences of users on financial reporting. We also discussed the limitations of accounting information and the role of accounting in business, its effect on business and some of the factors which influence accounting. In Chapter 2 we examined some possible approaches to income measurement from the point of view both of the economist and of the accountant. We shall now look more specifically at the ways in which accountants measure wealth and income.
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- Bull, R.J. (1984) Acccounting in Business, Sth Edn, Butterworths, p. 22.Google Scholar
- Lall, R.M.(1968) An enquiry into the nature of assets, The New York Certified Public Accountant, November, pp. 793-797.Google Scholar
- Students who wish to examine the regulatory framework for companies in more detail are referred to Form and Context of Company Accounts, Copper & Lybrand (Financial Training Publications, 1986).Google Scholar