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Texas Pete can take the profits and use them however he wants but Southern Baking must come to an agreement on what they should be used for

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if Texas Pete's BBQ runs into a spot of bother they have to fully account for the losses the make whereas if its a partnership like southern baking they have to take equal responsible of the losses they make

- Beau :)

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Both businesses must account for all money. For example Texas BBQ has 50 pounds cash in the till but it must still appear in the accounts or they would not balance

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Since Texas Pete's BBQ is a sole trader company he can make all the decisions he wants as he is the sole owner. Southern Baking on the other hand has to make executive decisions depending on the amount of money each partner has put into the company. e.g. if one partner puts in $70,000 and the other partner invests $30,000 into the company, then the first partner's opinion holds more value than the other

- Beau :)

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Texas Pete has not depreciated his assets at all but SB have. This would make comparison difficult as the two businesses do not have a consistent approach.

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Historical cost is a measure of an asset on a balance sheet of its original cost.

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This is another word or definition for Underlying. This means assumptions of companies are able to go for certain amounts of time till they are at a point where they are not/will not be able to continue their business.

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A transaction that is relevant to the business. A situation that shows immateriality is if a Southern Baking had given away an extra 50 cents it will not impact the business massively.

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A theory that is standard setting, and used to test practical problems. An example of this would be if there were problems with the fridges or freezers in both businesses

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Prepayments are the amounts that are paid for a business in advance of the goods or services that will be received later. All types of payments made in advance can be considered as prepayment. Prepayment is a payment in full in advance.

For Example, phone companies such as T-Mobile may get new stocks of iphones from Apple before they are in store, this is a prepayment because they are ordering it before it has been released.

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Definition: Assigning or allocating a plants asset cost to expense over certain accounting periods for which the asset will be used!

Example: T-mobile buys a piece of equipment for $50,000 It can either write the entire cost of the assets one year of writing the value of assets over to years of work (Depreciation basically means the value of things go down over time after its been used so many times and such. Such as the photocopier, it was once $1000 and 5 years later or so, it will be cheaper and less expensive due to its value)

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This Is an estimated of the amount of money that will not be payed back of money that is owed to that company, for example, a phone company may sell phones on credit they will predict that some customers will not pay some or all of this debt and the phone company will estimate this amount of money and record it (it will often be recorded as a percentage on all debts owed from 5%10%) .

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A bad debt is a monetary amount owed to a creditor that isn't going to be paid and, or which the creditor is not willing to take action to collect because of various reasons, often due to the debtor not having the money to pay.

An example of this can be:
Sprint has a lot of bad debts that force them into insolvency or liquidation

-Beau ; )

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A method that records revenues and expenses when they are incurred, regardless of when cash is exchanged. For example buying a phone from Three but paying for the phone over a period of time, such as 10 months.

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The value of a stock in trading is the amount buyers are willing to pay for the stock and the amount for which sellers are willing to sell the stock under current business conditions. After considering all this data, investors decide whether a company's stock is undervalued or overvalued.