Lebedev K.N.Financial University under Government of Russian Federation, Moscow, Russian Federation KNLebedev@fa.ru
Subject The subject of the study is the substance of recording company's operations in accounting books. Objectives The objective of the research is to develop a model of capital circulation as a basis of the accounting theory. To achieve the objective, I had to solve the following tasks: to demonstrate the current situation with the accounting theory in the accounting science discipline as the theory that requires urgent consideration of theoretical research; to show the shortcomings of the Marx's model of capital circulation as the basis of the theory of accounting treatment; to offer a unique model of capital circulation, where all relevant faults are corrected. Methods In the present work, I used methods of scientific abstraction, scientific deduction and the unity of logical and historical. Results I have developed a formula of capital circulation. On its basis, through building a numerical example of accounting records and introducing successive complications in the example of enterprise activity, it is possible to explain all accounting methods and principal accounting entries. This model of capital circulation may serve as a basis for explanation of accounting activity during training courses, and as a theoretical basis in scientific research on accounting. Conclusions and Relevance The use of this model by professors of accounting will significantly facilitate the teaching process, since the volume of theoretical part of the course will get reduced drastically. Most important is that the mastering the accountant profession will be significantly easier. This owes to the fact that professors of accounting will teach on a 'simple-to-complex' basis, and Chapter 2 of accounting manuals that deals with alternative balance sheet theory of accounting and makes serious problems for students will be unnecessary, and will be removed from accounting manuals. Using this model of capital circulation as a theoretical base of scientific studies on accounting will enable to exclude unnecessary difficulties in the current accounting procedure.
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