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FINANCIAL ACCOUNTING 1

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In this book, Financial Accounting I, the authors,
Messrs N.A. Ukpai, B.D Kiabel and i.c Obara of
the Rivers State University of Science and
Technology, Port Harcourt, lucidly treated the
topics at the introductory level of Financial
Accounting in our Universities and other related
tertiary institutions. The topics are adequate for
theinstitute of Chartered Accountants of Nigeria
(ICAN) stage one examinations and other
professional bodies.

The concepts and principles are defined, explained

and illustrated with practical local examples. The
focus of this book is to show how financial
accounting data are accumulated and how
periodic financial statements are prepared to
enable the student interpret and use accounting
information intelligently and effectively.

The ease to read design of the book practice

questions and exercises with solutions at the end of
all chapters specially distinguished the book and
recommends it for reading to all accounting
students and practitioners
 FINANCIAL

ACCOUNTING 1

N. A. Ukpai

B. D. Kiabel

L. C. Obara

Dept. of Accountancy

Rivers State University of Science and Technology

Port Harcourt

Nigeria

Reprinted by:

DAYIDSTONES PUBLISHERS LTD.

Port Harcourt
 ~. A. :;.,~

Preface. .. _ " ,. "."

Second reprint by:

Acknowledgn·;,·nts _.,_,mm..'''''''·

DAVIDSTONES PUBLISHERS LTD.

Forward _".""",,",,"""

Chief Wali Estate, Rumualogu,

Port Harcourt, Nigeria.

Tel.: 08035079193
CHANERl

Definition of Accounting.."""".".

Book Keeping defined-."""",,'"

Book Keeping & Accoudimnl!

FirstPublished, 1998
Pen Paper Publishers CBAPTER2

First reprint by:

History, Principles a.'ld GmmmI

HORIZON CONCEPT
Principles and Com-ent:iaIJmui;

Basic Concepts, Principies.a

CHAPTER 3
ISBN' 978-2873-87-X
Accounting in the Opet'"
The role of AccountingillulII
Different Types of &KiIIaIlii
Financial Accounting ~
Users of Fi:naJ'!ciaI Jnk;ii:i8iIIiIII

CHAPTEll4
All rights reserved. No part of this publication may be reproduced,
stored in a retrieval system, or transmitted in any form or by any
Double Entrv"'1 . '.Ii~ .
Advantages of OIl IiIaIIIl
Ilh

means, electronic, mechanical photocopying, recording or The Accoun..n-r JFs S +,.

·~b Jai~,
otherwise, without the prior written permission of Davidstones Debits and CrecBs,,_~­
Publishers Ltd. Expenses and Rev; ...
The Account and Ihl!- aa..
 TAinJ: \,; CUNTENTS

Preface. . xiii

Acknowledgln'.·nts........................................................................................................ ix

Forward.............. x

CHAPTER 1

Definition of Accounting......................................................................................... 1

Book Keeping defined ·· ·..·..·· ···· ·..··........................... 3

Book Keeping & Accounting ···..···· ·..· · ·· ····..·..· ·..·............. 3

C(IAPTER2
History, Principles and Convention of Accounting............................ 6

Principles and Conventions 7

Basic Concepts, Principles and Convention · · ·...................... 7

CHAPTER 3

Accounting in the Operation of an Enterprise....................................... 14

The role of Accounting in an Enterprise 14

Different Types of Business Organizations 16

Financial Accounting Statements 17

Users of Financial InformatioI1............................................................................ 19

J. CHAPTER 4

Double Entry Book-keeping :.......... 23

Advantages of Double Entry System of Bookkeeping 23

The Accounting Equation 24

?:5
Debits and Credits ;................................................................... 25

Expenses and Revenue Accounts 27

The Account and the Double-Entry Principles 28

 CHAr
CHAPTERS Adjustnv or Financial AccC'u:
Source Documents and Books of Original Entry 36 Accrued E>_:t·enses -._..
Books of Original Entry (Journal) 37 Prepaid Expenses __ .
Sales Day Book 38 Accrued Income -_ .
Purchase Day Book 38 Income in Advance __..
The Two-Column Cash Book . 42 Treatment of bad Debt and Pros
The three-Column Cash Book 42 Provision for Discount on I.>eblI!lr
Cash Discounts '.. , " 4~ Provision for Discount on Cred
Trade Discounts . 4..±
Contra Entry.................................................................................................. , 45 CHAPTER 10
Use of Folio Columns................................................................. ,., 46 The Final Account _ .
Petty Cash Book " 41' Trading Account - ..
The ImprestSystem , 49 Profit & Loss Account __ .

CHAPTER 6 CHAPTER11

Classification of Capital and Revenue Items . ............... 59 Control Account _ .

Classification of Account . . 60 Debtors Control Account _ .

Creditors Control Account _ . .

Sales Ledger Control Accomnllt

CHAPTER 7 Control Accounts and Doublhl

The Ledger ", .................. 61

The General Ledger . ............... 64 CHAPTER 12

Balancing an Account in the Ledger . . 65 Method of Calculating Depre

Trial Balance " , .., 67 RevalnationMethod ...... _m .

Unit \.J Production Method .

Machine Hour Method -_ .

CHAPTER 8 Sum of years Digits -_ .

Errors ,. . 79 Accounting for Depreciat:icmmI.

Errors not Affecting Trial Balance Agreement . 79 The Use of the Provision Ii<x '[
Correction of Errors . 81 Depreciation & Inflation .._ .
Errors Revealed by the Trial Balance 84
Suspense Account..................................................................................... . 85
CHAPTER 13
The Bank Account and BM*
Types of Bank Account _m ,

:?aying-in-Book -_ .

ii
 CHAr
Adjustm. or Financial Accounts ')5

36
Accrued EAl,enses 9b

37
Prepaid Expenses 98

38
Accrued Income 99

"",,,,,,,,,.. ,,,,,,,,, _ " . 38

Income in Advance 101

.".. " __ "." .

42
Treatment of bad Debt and Provision for Bad Debt 104

"" ""''''' ''" ~, . 42

Provision for Discount on Debtors 107

...." " _ 4~
Provision for Discount on Credits 109

.......m" mm_ _••••

4-J
........... M ....... _ _ ~_~... • • • • • • • • • • • • • •

,1::;
'":t:_
CHAYfER10
.................._.._ 46
The Final Account 112

. . . . . . . . ._ _... 4 E­ Trading Account 112

" " _­ ... 49

Profit & Loss Account 113

CHAPTER11

. . . . . . . . . __ 59

Control Account 161

,........._......_................... 60

Debtors Control Account 162

Creditors Control Account 162

Sales Ledger Control Account 163

Control Accounts and Double Entry Principle 166

"·. , ·_··········· 61

" " __ 64

CHAPTER 12

".·..".·. ··_····..· 65

Method of Calculating Depreciation 172

" · ···_·· 67

Revalnation Method 175

Unit", Production Method 175

Machine Hour Method 175

SUIn of years Digits 175

.......... · 79

Accounting for Depreciation 177

..................................... 79

The Use of the Provision for Depreciation Account... 179

,.· 81

Depreciation & Inflation 186

.............. 84

............ 85

CHAPTER 13

The Bank Account and Bank Reconciliation Statements 19J.

Tvpes of Bank Account 191

F'aying-in-Book 192

111
WithdrawaLs. . 193 Partnership Agreem~
Parties to a OK),..I' .... 194 Adjustment in PartIrlu
Kind of Cheque H. . 194 Admission of a Pa:rIIDr
Dishonored cheques . .. 195 Revaluation of Pa.r1I:IIrnJl
Bank Reconciliation Statements .. H 197 Admission of a Paun1:II:
Timing Differences . . 198 Methods of\'alumg"\(
Informational Differences . . 199 Methods of Dea..lingll
Reconciliation Practices . . 200 Partner _.._-_._ .
Overdrafts . • H 205 Retirement of a Patrtr
Amalgama tion of Pa!l
CHAPfER14 Partners' Cash/ ~
Manufacturing Account . . 219 Dissolution of PaII'tlIlUt!
Analysis of Cost ,. . 219 Rule for Distri~
Direct Materials . 220
Direct Labour _ 220 CHAPTER 18
Direct Expenses _ " .221 J0int\'enture-~
Factory Overhead .221 :-.:: at'u re c f Joint VemIItm
Administration Overhead _ _ .222 \ ~3.:r-. Charac lie ,jsI!lU"pC'l
Stock Manufacturing business 223 A ccc>wJJtiDIII:.. iPlrlUU!!iilm

CHAPTER 15 CHAPIa:B
Single Entry and Incomplete Records 243 o;..s,pbg"w4wP11nttb
Statements of Affairs under Incomplete Records 244 COtij"S!. . .::._",....~---
Profit & Loss under Single Entry. "." 245 Acc()ii.IIII" "
""~'"
'i1
Conversion ofSingle Entry into Double Entry 252
CH~
CHAPfER16 Depat'j!i'i'
!Ii" ill

Accounts of Non-Profit-Making Organizations. 262 All~

Receipts and Payments Account 263 Int:er-Det-" 1111
Subscription in Arrears and in Advance 264
Sundry Matters 273 CHAPTEaa
cc~pany Mt,,'."'"
CHAPTER 17 ':-:_-pes of C';UFli!iit ,I:.
Partnership Accounts
The Origin of a Partnership
,

General Principles of Partnership ,

"
"'
,
" ,
,
284
284
285
:onn4tionof~
Certifialle
!\i~anchaa.A
of'"
IV
",, ., , , , ,., , 193
Partnership Agreement , 286

.... 194
Adjustment in Partnership Accounts 289

... 194
Admission of a Partner 302

..... 195
Revaluation of Partnership Assets 302

...." 197
Admission of a Partner Goodwill 307

........ 198
Methods of Valuing Goodwill in Partnership , 309

........ 199
Methods of Dealing with Goodwill on Admission of a new

., 200
Partner ~ 311

" 205
Retirement of a Partner 313

Amalgamation of Partnership Business 318

Partners' Cash/Bank Account 320

. ,. ,."""._ 219
Dissolution of Partnership 324

. ,........._ 219
Rule for Distribution of Assets on Dissolution 326

".,,,,,,,._ 220

"......._ 220
CHAPTER 18

".".,,_ 221
Joint Venture Accounting 336

....,.,..__ 221
Nature of Joint Ventures 336

"...,,,_ ,222
Main Characteristics 336

. . . . " '_ 223

Accounting Procedure 337

CHAPTER 19

"'..."'_....243
Conversion of a Partnership Business to a Limited Liability

.........__...244
Company , 349

,.. . . " ,.,._ 245

Accounting Procedures and Entries for the Conversion 349

........,_., 252

CHAPTER 20

Departmental Accounts '""" 379

. ", ,.__._.262
Allotment of Indirect Expenses ···..·..· , 379

,.,., _263
Inter-Departmental Transfers ., .. ,,,,., , 380

" "__264

, ",.., , ,.__ 273

CHAPTER 21

Company Accounts , 390

Types of Companies , 392

", ,,,,.,.,,.284 Formation of Company " " , ,394

""".."'". "'""", 284

Certificate of Incorporation " " 395

, ,. , . , , , , , , . , , ..,285 Memorandum of Association ·..· "' "' 395

v
The Articles d , ' .,396
Cash flow Stat.!::!!
The Statutory D u , 3 9 7
Preparaticr. lQ,r ill
Share Capital....................... . .J97
Statement ot 50~
The Issue of Shares , ......400
Sources of \~iIJ\8
Shares issued at a Premium . ,., 405
PreparationlolE:fI
Calls , ,.., 418
Index .....--"..,,"""""
Calls ill Advance 418

Calls in Arrear 418

Forfeiture of Shares 419

Debentures 4·26

Final Accounts of Limited Companies 427

The Balance Sheet 430

CHAPTER 22

Limited Liability Companies: Preparation of Final Accounts

for Publication 443

Published Balance Sheets 444

Profit & Loss Accounts of Companies .,447

Directors Report 448

CHAPTER 23

Financial Statement Analysis .458

Financial Ratio Analysis 458

·:ilIlli:.
Standards of Comparison
Liquidity Ratios
~ 459

460

"
,'.'~~,,~:'\
11.
., ..
Liquidity Receivables 461

.l~
Debt Ratios 463

Coverage Ratios 463

Profitability Ratios 465

Ratios that Relate Profit to Investment .,466

Uses and Limitations of Ratio Analysis .467

CHAPTER 24

Funds Flow Statements ..484

The Furpose of Funds Statement ., 485

Thee .." ',lvcptional Funds Statc.nents ..l86

vi

------- -~--
 "196
CashfIowStatements 48-:­
"197
Preparation of a Cash Flow Statement 496
397
Statement of Source and Application of Funds .492
AOO
Sources of Working Capital 494
.... 405
Preparation of Funds Flow Statements ..496
""""".. .,_ 418 Index , , , , 507
"",.",,,.,,.,__ ,418
''''''''''''''''''_'_'.,.418
. """",,-·--..419
""""""..-_.426
. ".·. _.· -427
,,,,,,,,,,.,_.430

IIIIds
"""",._443
".",,,_444
",.,,,,,.,-447
"""",,-448

,·,,-458
"""",••...........458

.•"""".",."..459
,,,,,,,,,,,,,,,,.,,,.460

".""""""",.",,461
""".".",,,.,,,,,,463
"",,,.,,,,,,,,,,,,,:463
, , , , , ,..,,,,,,,,465
",,,,,,,,,,,,,,,,,,,,466

"",,,,,,,,,,,..,,,467

""', .... ~.""-::

, ,
 PREFACE

Financial Accounting 1 is designed for USi: :.:' 3. first year

accounting course at the polytechnic and university iev e. it describe
the fundamental concepts and principles that underbe accounting The publication of tra
information, shows how accounting data are accurr.u.ated, and of many people.
initiates the student into the following specific objectives
We do express our ~';
1. Developing a general understanding of financial reports and of Management ScJne
analyses that students will find useful in their personal affairs Technology (RSCST .
regardless of their fields of specialization. Our specific thanks g:[
2. Providing a strong foundation for subsequent courses in Chief P. o. Obele. Dr .
. finance and general business, and B. Johnnie, Dr. 0
3. Initiating the course work leading to a career in accounting. Tamunomiebi, mr. D
Hamilton.
The concepts and principles that guide financial accounting
are continuously emphasized and explained so that students will be We are grateful to the
able to generalize a1,-1 apply their knowledge in a 11 situations. As the (WAN) West Africar­
concepts and principles are gradually introduced, they are defined, us use their past exarr
explained and illustrated with practical application such that Association of AccC':n.IT
students do not hold abstract concepts in limbo before they see how
John Bossi.
concepts applied. The central focus of this book is to show how
financial accounting data are accumulated and how periodic For the encouragemei
financial statements are prepared so that students can interpret and
and above all, we ac
use accounting information intelligently and effectively. The mark of
guidance and protects
this book is in the careful integration and effectively. The mark of this
book is in the careful integration of conceptual principles and their
application to specific business situations.

The material has been arranged to allow flexibility of usage by

both students and instructors. It has been arranged in such a way that
every chapter aids in the understanding of the next chapter. At the
end of every chapter, assignments and problems have been provided
to test student's ability to com pliehend.
N, A. UIKPAI
B. D. KIABEL
L. C. OBARA
June.2004
viii

I
11.·
...."
:~i
.t~f
%
,ill .first year ACKNOWLEDGMENT
lItrill: describe
:' ,D:JroUnting The publication of this book was made possible with the assistance
dl*d, and of many people.

We do express our gratitude to the staff and students of the Faculty

'l!II~and of Management Science, Rivers State University of Science and
1!llulIDJJn1liil1 affairs Technology (RSUST), Port Harcourt, Nigeria for their contributions.
Our specific thanks go to the following colleagues: Dr. J. 1. M. Braide,
t ,lI:IlllUl'Ses in Chief P. O. Obele, Dr. D. W. Maclaytom, Prof. B. A. Fubara, Prof. P.
B. Johnnie, Dr. O. O. Eni, Mrs. T. A. Udenwa, Mr. M. D.
l:!lCQlI'lting. Tamunomiebi, mr. D. S. MacOdo, Rev. T. A. Amangala and Mr. LI. 1.
Hamilton.
l ,KJCOUTIting
fuamIIs will be We are grateful to the Institute of Chattered Accountants of Nigeria
IIIIinmDmms.. As the
(WAN) West African Examinations Council (WAEC), for allowing
BE defined,
us use their past examination questions. We are also grateful to the
i such that
Association of Accountancy Students and to our medical doctor Dr.
Eyse€how
John Bossi.
,~Thow

.. periodic
For the encouragement and understanding, we thank our families
fiIllil!!llll.JMet and
and above all, we are most grateful to God Almighty for his
"liJIIRmark of
guidance and protection.
IIIlIIIliiidt of this
es oUDd. their
N. A. UKPAI
B. D. KIABEL
1. C. OBARA
'i]ljfusageby
t:liII'WaY that
11plIIU. A t the
{::TlI F'!"C",i ded

ix
 FOREWORD

The book has attempted to present a flexible and teachable yet Accounting has
demanding textual base for financial accounting. It has presented a who care to defi
balanced coverage to the problem of finding an ideal relation drawn from the
benveen an understanding of accounting procedures and the
liability to produce and use accounting information effectively. 1. "The eel
periods
The organization of this text allows flexibility of usage by both (accomj
students and instructors as each chapter aids in the understanding
2. Accours
of the next chapter. There are a wide range of questions, review
commm
exercises and problems at the end of each chapter to assist and test
judgme
user's comprehension.
Amero
The book has provided a strong foundation for subsequent courses 3. AccoUDl
in business finance and administration and also initiated the course measure
work leading to a career in accounting. total eIrr."
possessi
I recommend this book to first year students of accounting, finance 4. AecOUD
and general management in institutions of higher learning in SUlIUDiilllll
Nigeria. transadiD
f inanc:iiiaIl
E. O. OBELE, FCA AII'lel'iiJic3
Burser 1971l
Rivers State University of Science and Technology
Port Harcourt The definitic:lrJms;
each of tlJeIa
omittedordoa!m

For exampie., I
June,2004 keepingasped
definitionillllllllitJi

----- - - -
 CHAPTER 1

DEFINITION OF ACCOUNTING

wet Accounting has been defined in as many ways as there are people
cia who care to define it. The following definitions have been arbitrarily
i1Lm drawn from the literature of its meaning.
the
1. "The central purpose of accounting is to make possible the
periodic matching of costs (efforts) and revenues
oth (accomplishments)" (Littleton, 1953).
mg 2. Accounting is the process of identifying, measuring and
ilf'W
communicating economic information to permit informed.
IlleSt
judgments and decisions by the users of the information.
American Accounting Association (AAA, 1966).
3. Accounting is a discipline which is concerned with the
measurement and communication of certain aspects of the
total environment relating to the interplay of man and his
possession and utilization of scarce means's" (YU, 197, "
InCe 4. Accounting is an art of recording, classifying and
m summarizing in a significant manner and in terms of moncv,
transactions and events which are, in part, at last, of cl
financial character, and interpreting the results thereof.
American Institute of Certified Public Accountants (AICPA,
1971).

The definitions should be seen as complementing one another since

each of them attempts to highlight some aspect of accounting
omitted or dampened by the others.

For example, the AICPA definition is quite detailed on the book­

keeping aspects of accounting, elaborating as it were, on the other
definition and it includes interpreting of bookkeeping information as

1
 Financial Accounting 1
Comparisons betweer. .:::..­
reveal important tre:l.ds,:
belonging to the accounting function. Specifically, the AICPA
significant deYe10F~
definition can, for the purpose of simplicity, be divided into two
explained, omphasized.em
parts; viz.:
The part that deals with recording transactions; and the part that BOOK KEEPIKG DEF1N1
deals with interpreting, classifying and summarizing the results of Book keeping is the art jJJD'fr l
the final part. The first is what we call "bookkeeping" . Accounting business, or an indivichImaJl1lJiJ
or accountancy includes bookkeeping as well as the second part order to obtain necessary iimm
that is, classifying, summarizing and interpretation of the
information made available by bookkeeping. The definition has fOllll'diirH
a) Bookkeepingis.-IL.aI
Thus, Recording commits the transactions and event to writing. b) It is concerned wiIIII
The recording may be in the form of pen-pencil markings made by typeof~lii:
hand or it may be accomplished by various mechanical and c) The tra.nsad:iol&_
electronic devices. nct irr i termsof1wpam
dI The 'J~ci bod. ~
ClassifiJing involves sorting the many transactions in an orderly and the'Ci~"'iIIiit
systematic manner. Special forms and procedures are devised to
facilitate this process. A mass of isolated transactions conveys little 8()()K1ti'ii'riINI&;...-J­
meaning when considered individual; the data become useful, only TheflE DIs ~_@" ........;
when sorted according to predetermined classes. Transactions
must be understood before they can be classified. thetwo'..-'
dematG1J1Iiri:8
Summarizing brings the accounting data together in a form that recording cibbo"'­ __
further enhances their usefulness. It is not the single business act may be resP"*!I_I. . . .~
but the sum of all the operations of a day, a week, a month, or a year or only a small. srgil"iMliIJ,_
,that has the greatest significance. Therefore summaries of department stoee, w.:ImtlGll~
operations and their effect on property and rights to property are nature.
prepared at intervals. These reports are made to the managers of the
enterprises and to others who need the information. Accounting is priInaJit.r '0
records, the preparatima ,1lID1tI
Interpreting the result of operations as summarized in the various recorded data 'and the pllilei
reports is an essential part of accounting. Interpretation frequently direct and review the~,·
takes the form of percentage analyses and ratios.

2
 Comparisons between different dates and periods of time may
reveal important trends. From these ratios and trends, the most
i"lIe' A:CPA significant developments in the affairs of a business may be
~,dl in to two
explained, emphasized, and guided.

iItue part that BOOKKEEPING DEFINED

iInte results of Book keeping is the art of recording the financial transactions of a
_JIKlroun tin g business, or an individual in terms of money and in a set of books in
'Siiecvnd part order to obtain necessary information when required.
iI:nlOO'll of the
The definition has four distinctive parts:
a) Book keeping is an art; not a science.
lilt lID writing. b) It is concerned with recording financial and not any other
IDJC5 made by type of transactions:
::Mnical and c) The transactions must be recorded in terms of money and
not in terms of quantity.
d) The object of book keeping is to provide information about
1IIIJ'm-derlyand the conduct and status of the business.
r~ devised to
cenvevs little BOOKKEEPING AND ACCOUNTING
eusefut only There is some confusion over the distinction between
Transactions "bookkeeping" and "accounting". This is due in part to the fact that
the two axe related and that there is no universally accepted line of
demarcation between them. In general, bookkeeping is the
form that
II all recording of business data in a prescribed manner. A bookkeeping
~blisiness act may be responsible for keeping account of the records of a business
ftili. or a year or only a small segment such as a portion of a business accounts in a
rmmaries of department store. Much of the work of the book-keeper is clerical in
property are nature.
:m.agers of the
Accounting is primarily concerned with design of the system of
records, the preparation of reports based on the interpretation of
Jr, the various recorded data 'and the preparation of reports'. Accountants often
00 frequently direct and review the work of bookkeepers. The larger the busine-ss.

 Financial Accounting 1

the greater the number of gradations in responsibility and

authority. The work of accountants at tl.; beginning levels may
include some bookkeeping. In any event it is apparent that the
accountant must include some bookkeeping. In any event, it is Diff eTielr1ltni@
apparent that his accountant must possess a much higher level of .., In~-0luOP1]
knowledge and analytical skill than is required of the book keeper.
or anart1JE
More specifically, the accountant should be concerned with
more than the recording phase. He should, for instance, carry out ....., \\r;Ail 00' 11i

aL<~'::'~
the following functions:

1. Directing and coordinating the work of the book keeping +. In t.~ OilIlXlC~l
jiffer .&iam
staff and designing and maintaining accounting systems

adequate to the needs of the particular business.

2. Preparing periodical accounts of profit and loss, and

financial position statements in a form which will be of

assistance to the management and other users not only in

appraisingpastresults, but in formulating future policy.

3. To bring to light significant facts to enable errors in

management and policy to be rectified and reforms and

economies to be introduced through careful scientific ''''~lJlf~I''

analysis of accounting records. -'}//UI:!!.

'!'"
4. To advise and consolidate the accounting records of r.i;;~:t

branches and subsidiaries; .':'",

~;.'
5. To install and direct costing systems.
6. To advise management and give effects to their policy on all

matters affecting the business in its financial and

accounting aspects.

--------

r
ill
 Definition ofAccounting 1

iity and EXERCISE

!"ll'1ds may
IItt lhat the
WftllI:, it is 1. Differentiate between accounting and book keeping.
9'levelof
Ildteeper. 2. In your opinion, should accounting be considered a 'science'
or an art? Explain.
m'lIIfd with
. ICiaITYOut
3. What do you think is the most important function of the
accountant in a business organization?

k ]keeping 4. In the accounting process, how does the art of summarizing

differ from that of interpreting?
g systems

iIoss, and
ril be of
1l."Jt onlv in
.I

poticy.
errors in
and
ICJOIlS
scientific

I&UTds of

)100· on all
rial and

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