588
INDEX
leases (
continued
)
period 254
presentation and disclosure 254–5
statement of cash flows 255
statement of financial position 255
ledgers 509,
519
lenders 2, 3, 4, 135–6, 270–1
liabilities
bookkeeping entries 496, 498–508
classification 49–50
contingent 239, 242–4,
516
current
see
current liabilities
definition 239,
519
long-term 50, 300
non-current
see
non-current liabilities
recognition and reporting 238–67
statements of financial position 41–5
licences 58
LIFO (last in, first out) 99, 100, 101, 102–3, 104,
519
limited companies 116,
519
accounting rules 160–201
audits and auditors
see
auditors;
audits
balance sheets
see
statements of financial
position
capital market efficiency 124–6
creation 117
directors
see
boards
of directors;
directors
features 117–20
financial statements
see
financial
statements
financing 126–8
groups of companies
see
groups
income statements
see
income statements
incorporation documents 21
legal nature 117
legal safeguards 120
limited liability 117, 118–20
listing 123–4
management 126
nature 21–2, 117
obligations 21
ownership 117
partnerships contrasted 118–19
perpetual life 117–18
public
and private, comparison between 120–2
share capital
see
share capital
sole proprietorships contrasted 118–19
statements of financial position 144, 145, 146,
147–8
taxation 122–3, 147
withdrawing equity 142–5
limited liability 21, 117, 118–20, 350, 356, 407,
519
limited
liability companies
see
limited companies
Limited Liability Partnerships (LLP) 22
liquidation
overtrading 323
ratios 270, 291–5, 337
voluntary 118
listing of limited companies 123–4
Lloyds Banking Group 242
LLP (Limited Liability Partnerships) 22
loan notes 135,
519
loan stock
see
loan notes
loans
long-term 135–6, 270–1
secured 135–6
short-term 271
unsecured 136
see also
borrowings
local authorities 29
London Stock Exchange 123, 124, 165, 416, 445,
448–9,
519
long-term capital 277, 289–90
long-term contracts 83–4
long-term finance 135–6, 270–1
long-term liabilities 50, 300
losses 145
on disposal of non-current assets 98, 145
impairment 63,
519
unrealised 177–8
Ltd 120
machinery 40, 41
see also
property,
plant and equipment
Main, B. 473
management accounting 13–15,
519
management approach to financial reporting
409–10
management commentary 174, 181
managers 2, 3, 4, 22
see also
chief executive officers; directors
managing limited companies 126
Manchester United Football Club 59
margins of safety 145
market economies 23
market forces 408
market model 408
market value per share 318
Marks and Spencer 320, 321
massaging expenses 191–2
mastheads 249
matching convention 84–7, 104,
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