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Essay / Research Paper Abstract
This 4 page paper summarises an article on triple entry bookkeeping and then considers if this is in line with the current direction that the FASB is taking. The bibliography cites 3 sources.
Page Count:
4 pages (~225 words per page)
File: TS14_TEtriplee.rtf
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Unformatted sample text from the term paper:
by Yuji Ijiri called "A Framework fro triple entry bookkeeping". This is put forward as an extension to the commonly used double entry bookkeeping that was more popular in the
1980s than it is today. The argument that Ijiri puts forward is that bookkeeping has undergone evolution and the demands on bookkeeping information have increased and the movement towards
triple entry bookkeeping in the next logical step. Ijiri argues that single entry bookkeeping was force accounting, dealing with only the levels of stock in a company, including the assets
and liabilities. This was limited and the development of double entry bookkeeping allowed for the inclusion of flow in the accounts, the flow items were items such as revenues and
costs which tied in closely with the force entry items such as stock, assets and liabilities. The development towards these flow factors was in order to account for the
changes that would occur in the balance sheets over the year, the flows of income and expenditure are responsible for these changes. The changes on one side of the equation
would result in changes on the other side in an equation that looks like this; stock = flow. This may also b e seen as the measurement of momentum.
For example, when an investment is made that yields a return the statement of that return is actually a statement of momentum. Where the measurement is of non monetary items
the use of historical costing has been used which shows the momentum over time. This has been a natural evolution. Triple entry bookkeeping is argued as the next logical
stage taking into account the new things that managers need in order to understand the underlying and influences aspects of their business. The driving factor for triple accounting is
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