image missing Date: 2021-10-26 Page is: DBtxt003.php L0900-TVM-Conventional-Financial-Accountancy-01a


TVM Principles of Management
CONVENTIONAL ACCOUNTANCY
FOCUS ON THE FINANCIAL DIMENSION
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BEGINNING OF PERIOD (BOP) BALANCE SHEET
 •   This is the STATE of the reporting entity at the beginning of the period.
PROFIT AND LOSS ACCOUNT
This is a report of the activities of the reporting entity for the period.
 •   There is a summary of revenues
 •   There is a summary of expenditures
 •   The profit is the amount revenues exceed expenditures
END OF PERIOD (EOP) BALANCE SHEET
 •   This is the STATE of the reporting entity at the end of the period.
 •   Another way of computing profit is to calculate the amount the end of period balance sheet exceeds the beginning of period balance sheet.


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