Financial Accounting provides a comprehensive coverage to course requirements of students appering in the Financial Accounting paper at the BCom examinations of different Indian universities as per CBCS. 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.
• 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.
• Updating the text material as per the contemporary subject requirements.
Preface to the Seventh Edition
Preface to the First Edition
Section - I: Accounting Principles and Processes
1. Meaning and Scope of Accounting
2. Accounting Principles
3. Basic Accounting Terms
4. Journalizing Transactions
5. Ledger Posting and Trial Balance
6. Sub-Division of Journal
7. Negotiable Instruments
8. Bank Reconciliation Statement
9. Matching Concept
10. Capital and Revenue
11. Final Accounts
12. Rectification of Errors
13. Depreciation, Provisions and Reserves
14. Accounting Concept of Income
15. Sectional and Self-balancing Systems
16. Accounts of Non-profit Making Organizations
17. Single Entry System (Final Accounts from Incomplete Records)
18. Computers & Accounting: An Introduction
19. Accounting in A Computerized Environment
20. Accounting and Database System
Section - II: Special Accounting Problems
1. Consignment Accounts
2. Joint Venture Accounts
3. Account Current and Average Due Date
4. Inventory Valuation
5. Hire Purchase, Lease and Instalment Purchase Systems
6. Branch Accounts
7. Departmental Accounts
8. Accounting for Price Level Changes
9. Insurance Claims
10. Royalty Accounts
Section - III: Partnership Accounts
2. Reconstitution of Partnership Firms - I (Admission)
3. Reconstitution of Partnership Firms - II (Retirement, Death and Amalgamation)
4. Dissolution of A Partnership Firm
BCom, BCom (Hons), CA Foundation, and CS Foundation Courses
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