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Slide 6 - The nature of income
- Three possibilities
Psychic - satisfaction of human wants (Psychic income is subjective and varies from person to person, as it depends on individual values, preferences, and motivations.)
Real - Increase in economic wealth
Money - Increases in monetary value
slide 7 - The concept of capital maintenance problems.
Physical maintenance - Productive capacity such as inventory.
Financial maintenance - transaction based
The difference lies in the treatment of holding gains & losses.
Underutilization of production -
Optimizing the production -
Current value accounting - DCF (discounted present value).
Slide 11 - PV & FV formulas
Slide 12 - 15 Arms length transaction
Income Producing Cycle
Business
Household
Factor Market
Product Market
Slide 18 & 19 - Goods and services
Slide 20-32 Revenue Recognition
Slide 21 - Matching principle
Slide 36 - cost, expense, loss, product vs period costs.
Slide 37-39 - Conservatism vs materiality
Conservatism - you cannot anticipate profit.
Materiality - Big mistake in accounting
Slide 46-48 Types of Earnings management
Window Dressing
Slide 50 - 51 - IFRS 15
Red flags of possible Fraudulent reporting
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