By Carl S. Warren, James M. Reeve, Jonathan Duchac
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Extra info for Accounting
Business Entity Concept The business entity concept limits the economic data in an accounting system to data related directly to the activities of the business. In other words, the business is viewed as an entity separate from its owners, creditors, or other businesses. For example, the accountant for a business with one owner would record the activities of the business only and would not record the personal activities, property, or debts of the owner. A business entity may take the form of a proprietorship, partnership, corporation, or limited liability company (LLC).
The fact that the building has an estimated selling price of $220,000 on December 31, 2014, indicates that the building has increased in value. However, to use the $220,000 in the accounting records would be to record an illusory or unrealized profit. If Aaron Publishers sells the building on January 9, 2016, for $240,000, a profit of $90,000 ($240,000 − $150,000) is then realized and recorded. The new owner would record $240,000 as its cost of the building. The cost concept also involves the objectivity and unit of measure concepts.
Other examples of revenue include rent, which is recorded as rent revenue, and interest, which is recorded as interest revenue. Instead of receiving cash at the time services are provided or goods are sold, a business may accept payment at a later date. Such revenues are described as fees earned on account or sales on account. For example, if NetSolutions had provided services on account instead of for cash, transaction (d) would have been described as follows: Fees earned on account, $7,500. In such cases, the firm has an account receivable, which is a claim against the customer.
Accounting by Carl S. Warren, James M. Reeve, Jonathan Duchac