User:SueHay

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[edit] My Economics/Finance/Accounting notes (practicing format stuff)

Accounting

Accounting is the art of measuring, communicating and interpreting financial activity.^[1]

Business Accounting

Accounting deals with reflecting the amounts of and changes in the assets, liabilities, and net worth of a business. This is true whatever may be the form of the business organization of the nature of its activity. The business form may be that of single proprietorship, partnership, corporation, or trust. The 'business activity' may be that of production, merchandising, or the performance of a service.^[2]

Business Finance

Finance is the application of a number of financial and economic principles to maximize the wealth or overall value of a business. More specifically, by employing net present value (time discounted cash flows minus the original costs) to measure profitability, a firm maximizes wealth by investing in projects and acquiring assets whose combined returnsyield the highest possible profits at the least risk. No one really knows when maximum wealth is achieved, though it is assumed to be the ultimate goal of every firm.^[3]

Component Parts of Price

As the price or exchangeable value of every particular commodity, taken separately, resolves itself into some one or other, or all of those three parts; so that of all the commodities which compose the whole annual produce of the labour of every country, taken complexly, must resolve itself into the same three parts, and be parcelled out among different inhabitants of the country, either as the wages of their labour, the profits of their stock, or the rent of their land. The whole of what is annually either collected or produced by the labour of every society, or, what comes to the same thing, the whole price of it, is in this manner originally distributed among some of its different members. Wages, profit, and rent, are the three original sources of all revenue, as well as of all exchangeable value. All other revenue is ultimately derived from some one or other of these.(emphasis added)

[Not sure why that bold comes out weird.]

Whoever derives his revenue from a fund which is his own, must draw it either from his labour, from his stock, or from his land. The revenue derived from labour is called wages; that derived from stock, by the person who manages or employs it, is called profit; that derived from it by the person who does not employ it himself, but lends it to another, is called the interest or the use of money. It is the compensation which the borrower pays to the lender, for the profit which he has an opportunity of making by the use of the money. Part of that profit naturally belongs to the borrower, who runs the risk and takes the trouble of employing it, and part to the lender, who affords him the opportunity of making this profit. The interest of money is always a derivative revenue, which, if it is not paid from the profit which is made by the use of the money, must be paid from some other source of revenue, unless perhaps the borrower is a spendthrift, who contracts a second debt in order to pay the interest of the first. The revenue which proceeds altogether from land, is called rent, and belongs to the landlord. The revenue of the farmer is derived partly from his labour, and partly from his stock. To him, land is only the instrument which enables him to earn the wages of this labour, and to make the profits of this stock. All taxes, and all the revenue which is founded upon them, all salaries, pensions, and annuities of every kind, are ultimately derived from some one or other of those three original sources of revenue, and are paid either immediately or mediately from the wages of labour, the profits of stock, or the rent of land.

When those three different sorts of revenue belong to different persons, they are readily distinguished; but when they belong to the same, they are sometimes confounded with one another, at least in common language.^[4]

[edit] Footnotes

1. ^ Meigs & Meigs, p.1
2. ^ Specthrie, p.1
3. ^ Barron's Finance, p.3
4. ^ Smith, pp. 55-56.

or

1. ^ Meigs & Meigs, p.1
2. ^ Specthrie, p.1
3. ^ Barron's Finance, p.3
4. ^ Smith, pp. 55-56.

[edit] References

1. (2000) Barron's Finance, 4th Ed.. Barron's Educational Series, Inc..  ISBN 0-7641-1275-9
2. Meigs & Meigs (1983). Financial Accounting, 4th Ed.. McGraw-Hill Book Company.  ISBN 0-07-041534-X
3. Smith, Adam (1991). Wealth of Nations. Prometheus Books.  ISBN 0-87975-705-1
4. Specthrie, Samuel Waldo (1947). Industrial Accounting. Prentice-Hall, Inc.. 

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