Financial Accounting provides a comprehensive coverage to course requirements of students appearing in the Financial Accounting paper for BCom, BBA and Foundation Courses of CA, CS and CMA.
It also meets the requirements of students appearing in the accounting paper at the Foundation Examinations of Institute of Chartered Accountants of India, the Institute of Company Secretaries of India and the Institute of Cost Accountants of India. The book is divided into three sections: Section I explains the fundamental principles necessary for understanding the subject. It covers the entire accounting cycle, from recording of financial transactions to the preparation of final accounts. Section II deals with accounting problems related to certain specific types of business transactions. Section III deals with partnership accounts.
Updated position regarding Accounting Standards (ASs) issued by the Institute of Chartered Accountants of India.
Updates in IFRS.
Notification of 39 Indian Accounting Standards (Ind ASs) issued by the Ministry of Corporate Affairs, Govt. of India.
Phased implementation of Ind ASs by the concerned authorities to bring at par Indian Finance Reporting System with Global Financial Reporting System.
Updated text material as per the contemporary subject requirements.
Section - I: Accounting principles and processes
Meaning And Scope Of Accounting
Accounting Principles
Basic Accounting Terms
Journalizing Transactions
Ledger Posting And Trial Balance
Sub-Division Of Journal
Negotiable Instruments
Bank Reconciliation Statement
Matching Concept
Capital And Revenue
Final Accounts
Rectification Of Errors
Depreciation, Provisions And Reserves
Accounting Concept Of Income
Sectional And Self-Balancing Systems
Accounts Of Non-Profit Making Organizations
Single Entry System (Final Accounts From
Incomplete Records)
Computers & Accounting: An Introduction
Accounting In A Computerized Environment
Accounting And Database System
Section - II: Special Accounting Problems
Consignment Accounts
Joint Venture Accounts
Account Current And Average Due Date
Inventory Valuation
Hire Purchase, Lease And Instalment Purchase Systems
Branch Accounts
Departmental Accounts
Accounting For Price Level Changes
Insurance Claims
Royalty Accounts
Section - III: Partnership Accounts
Fundamentals
Reconstitution Of Partnership Firms - I (Admission)
Reconstitution Of Partnership Firms - II
(Retirement, Death And Amalgamation)
Dissolution Of A Partnership Firm
Appendices
B.Com, BBA and Foundation Courses of CA, CS and CMA